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Global Climate Change Digest
A Guide to Information on Greenhouse Gases and Ozone Depletion
Published July 1988 through June 1999

Chevron Stockholder Vote on Global Warming Resolution (JUNE 1999)

Item #d99jun32

In an Apr. 29, 1999, press release issued by Environmental Media Services, Jon Coifman reported that 28% of Chevron shareholders had voted against management’s recommendation (actually, 13% voting in favor and 15% voting to abstain) on a resolution that demanded that the company document its global-warming emissions and assess the resulting financial liabilities. In a similar vote a year before, just 7.6% of the shareholders voted for the resolution. Comparable votes have recently been held at stockholders’ meetings of Exxon, Ford, GM, Allegheny Power, and Reynolds. Such resolutions are not legally binding under securities law; rather, they are intended to spark management attention to issues that could adversely affect the performance of the company, its markets, or constituents.