In 2005, religious shareholder activists of various stripes jumped aboard the bandwagon filing resolutions against Chevron for an environmental disaster it allegedly caused. Chevron asserted its innocence, but the activist shareholders put the squeeze on:
Chevron’s Ecuador environmental disaster, considered by experts to be the worst oil-related ecological problem on the planet and currently the subject of a high-stakes law suit estimated to cost the company upwards of $6 billion, will be high on the agenda of the company’s 2006 annual shareholder meeting with the filing of three new resolutions asking Chevron’s management to take various steps to protect human rights, the environment and shareholder interests.
The resolutions were filed by institutional and socially responsible investors, including the New York State Common Retirement Fund, Trillium Asset Management, Amnesty International USA and members of the Interfaith Center on Corporate Responsibility (ICCR), which together own more than $1 billion in Chevron shares. The resolutions increase the pressure on the California-based oil major to address the widespread toxic contamination left by Texaco (now Chevron) in the Ecuadorian Amazon during a 20-year period that began in the early 1970s.
This story has a twist, however. Over at the National Review, Kevin Williamson reports Chevron beat the rap on the $6 billion judgment rendered against it by an Ecuadorean court several years ago. Seems the judge who established the original fine was in cahoots with a cadre of nasty elements. (more…)