Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Oil & Gas
Company Year Market Link
Chevron Corporation 2020 N/A

Based on recent engagements with the company leading up to the annual meeting, we believe Chevron is aligned with the spirit of this proposal, as it has articulated a desire to provide more clarity for investors on its internal climate considerations and associated political spending and lobbying contributions. We appreciate the company’s willingness to consider investor feedback and look forward to forthcoming reporting.
We believe enhanced disclosure will help investors better understand the company’s political activities in the context of policy that supports the transition to a lower carbon economy.
As such, support for this proposal is not meant to be punitive or suggest that we feel the board has failed to appropriately consider climate risk in the context of strategy. Rather, we believe this is a further point of refinement to solidify best in class reporting amongst US oil and gas peers. The proposal does not suggest or require Chevron to alter its current actions; instead, it affords an opportunity to provide greater context for investors. This is in line with our view that the risks of climate change and the transition to a low er carbon economy present material regulatory, reputational, and legal risks to companies. As a fiduciary for our clients, we see it as material to better understand how these risks are being adequately disclosed and overseen.


  • Proponent
  • Shareholder
  • Resolution
  • Report on Climate Lobbying Aligned with Paris Agreement Goals
  • Vote
  • For
  • Rationale
  • N/A
  • Details
  • In our view, the company could provide investors with a more detailed explanation of the alignment between Chevron’s political activities and the goal of the Paris Agreement to limit global warming to no more than two degrees Celsius, which the company supports.
    While we recognize and applaud Chevron’s current TCFD and SASB-aligned reporting, BIS believes that greater transparency into the company’s approach to political spending as aligned with its stated support for the Paris Agreement will help articulate consistency between private and public messaging for managing climate risk and transition to a lower-carbon economy.