Chevron Corp. stockholders voted against two nonbinding environment-related resolutions at the company's annual general meeting May 30.
Approximately 92% of the oil major's shareholders nixed a proposal filed by As You Sow and Arjuna Capital that asked for a report on how the company could reduce its dependence on fossil fuels and transition to a low-carbon business model.
About 55% of stockholders rejected a second resolution, also filed by As You Sow, asking the company to improve its reporting on reducing methane emissions from its hydraulic fracturing operations.
In April, the SEC rejected Chevron's proposal to block the two shareholder proposals on the basis that they could hurt its case in ongoing climate change litigation. Chevron is one of several majors fighting eight climate liability lawsuits filed by U.S. cities including New York and San Francisco.
The Chevron proposals are the latest in a wave of activist investors stepping up their efforts to pass resolutions on climate change.
Shareholders at Royal Dutch Shell PLC, by a majority vote of 95%, rejected a climate resolution at the company's annual general meeting May 22.
Shell's board of directors advised shareholders to vote against the resolution, which was filed in November 2017 by Follow This, a Dutch group of green shareholders in the company.
The Follow This resolution called on Shell to set and publish more aggressive targets that align with the goal of the Paris Agreement on climate change to limit global warming to below 2 degrees C.
