Description: Request for no-action response from SEC regarding shareholder proposal requesting disclosure of climate change-related information.
Rule 14a-8 No-Action Request to SEC from Chevron Corp. Regarding Shareholder Proposal Submitted by Hermes Equity Ownership Services and UMC Benefit Board, Inc.
Filing Date Type File Action Taken Summary 03/23/2016 Letter Download SEC said it could not concur that shareholder proposal could be excluded. SEC Advised Chevron to Allow Shareholders to Vote on Climate Change Resolution. The United States Securities and Exchange Commission (SEC) issued a letter Chevron Corporation (Chevron) advising it to include a proposal in its shareholder proxy materials that would, if approved, require Chevron to provide additional information to investors about climate change risks. The proposal requested annual assessments of the long-term portfolio impacts of possible climate change policies. The SEC rejected Chevron’s argument that this proposal could be excluded based on the exclusion for matters related to “ordinary business operations.” The SEC said this exclusion did not apply because the proposal related to the significant policy issue of climate change.