By Sheila Dang
HOUSTON (Reuters) -Chevron shareholders voted against three stockholder proposals during the U.S. oil producer’s annual meeting on Wednesday, including one calling for a report on the company’s human rights practices, while larger rival Exxon Mobil faced no investor resolutions for the first time in decades.
There have been fewer resolutions on environmental, social and governance (ESG) matters this year than they did in 2024 and 2023 due to lack of investor appetite for such proposals. Lower-than-expected returns in renewable energy projects have also shifted shareholders’ focus back to oil and gas.
Chevron investors rejected a resolution that would have allowed holders of at least 10% of the company’s common stock to call special meetings. They also voted down a proposal to produce a report about whether company investments in renewable energy could result in so-called stranded assets, or projects that lose value prematurely, according to preliminary voting results on Wednesday.
Also on Wednesday, Exxon’s annual meeting featured no qualifying shareholder resolutions for the first time since 1958.
Exxon CEO Darren Woods said he attributed that to the company’s performance that has outpaced competitors, and to Exxon’s willingness to fight back against proposals he said were a detriment to the business.
Investors approved all director nominees and executive compensation plans for both companies.
(Reporting by Sheila Dang in Houston and Tanay Dhumal in Bengaluru; Editing by David Gregorio)
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