For Immediate Release
Stefanie Spear, email@example.com, 216-387-1609
SEC Rules Chevron Must Allow Shareholder Proposal Asking for Transparent Accounting of Net-Zero Impacts
WASHINGTON - The U.S. Securities and Exchange Commission (SEC) has upheld As You Sow’s shareholder proposal asking Chevron for clear and transparent accounting of how a net-zero greenhouse gas by 2050 scenario will affect its operations and performance.
The proposal requests that Chevron issue an audited report to shareholders on whether and how the significant reduction in fossil fuel demand envisioned in the IEA Net Zero 2050 scenario will affect its financial position and underlying assumptions going forward. The Proposal comes on the heels of other major oil and gas companies, such as BP, Shell, and Total, taking dramatic write downs based on changes in financial estimates when aligning their operations with a net-zero scenario.
Chevron unsuccessfully fought the Proposal at the SEC, arguing that its third Climate Change Resilience Report, issued this year, meets the request. As set forth in As You Sow's briefing, Chevron's current reporting fails to address investors' critical concerns.
Danielle Fugere, president of As You Sow, had this to say regarding the SEC news:
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“We agree with the SEC that Chevron has not yet addressed the critical issue of whether and how a significant reduction in fossil fuel demand from the world’s transition to net zero emissions by 2050 will affect its future financial position and the value of its assets.
“It is critical that the company disclose the expected climate-related impacts on its operations and performance, especially those which put the company and investors at risk. We look forward to Chevron providing the requested material information.”
To learn more about As You Sow’s work on climate change, click here.
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As You Sow is the nation’s non-profit leader in shareholder advocacy. Founded in 1992, we harness shareholder power to create lasting change that benefits people, planet, and profit.
Our mission is to promote environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies.