It's About time,

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"Live Patiently in the world; know that those who hate you
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----- Original Message -----
From: Daphne Wysham <dwysham@igc.org>
To: Multiple recipients of list SHELL-NIGERIA-ACTION
<shell-nigeria-action@essential.org>
Sent: Wednesday, April 28, 1999 9:47 PM
Subject: Chevron Shareholders Vote on Climate Change Resolution


>
> FOR IMMEDIATE RELEASE Contacts: Jon Coifman, 202/463-6670
> THURSDAY, APRIL 29, 1999 Chris Ball, 202/265-6738
>
>
>
> CHEVRON STOCKHOLDER VOTE ON GLOBAL WARMING
> RESOLUTION SURPRISES ANNUAL MEETING
>
>
> 28 Percent Vote Against Management on Measure Demanding Response on
> Liability & Lobbying; Exxon, Ford and GM Face Similar Actions
>
>
> Twenty-eight percent of Chevron shareholders voted Wednesday against
> management on a resolution demanding the
> company document its emissions of pollution that causes global warming,
> and assess the resulting financial liabilities. The
> vote was a major break-through for supporters: last year, a similar
> measure at Exxon carried just 7.6 percent of
> shareholder vote. This spring, companies including Exxon, Ford, GM,
> Allegheny Power and Reynolds face comparable
> actions (see www.ozone.org).
>
>
> The resolution at Wednesday's annual meeting in San Ramon, CA, was
> sponsored by investors representing major
> religious groups. It also asked Chevron to catalog actions by the
> company or its trade associations "promoting the view
> that the issue of climate change is exaggerated, not real, or that
> global warming may be beneficial."
>
>
> Such resolutions are not legally binding under securities law; rather,
> they are intended to spark management attention. The
> Chevron tally indicates significant concern among investors. Shares
> affirmatively rejecting the company's aggressive
> opposition to the resolution include 13 percent voting in favor of it,
> and another 15 percent voting to abstain. Together
> they constitute 183 million of Chevron's 650 million voting shares.
>
>
> "This vote should make companies like Exxon and others very nervous,"
> said
> Sister Patricia Daly, of the Sisters of St. Dominic of Caldwell, NJ.
> "Like
> Chevron, they must start factoring global warming into their long term
> plans
> or risk being outpaced by more forwarding-looking competitors."
>
> The action comes as two other oil companies are actively differentiating
> themselves on the global warming issue. British
> Petroleum and Royal Dutch Shell have both pledged to cut their own
> global warming pollution, and are making major
> investments in alternative fuels such as solar and wind power. Both
> companies have also withdrawn from the Global
> Climate Coalition, a multi-million dollar industry association that is
> fighting efforts to avert global warming.
>
>
> Wednesday's filers include the Ancilla Domini Sisters; the Benedictine
> Sisters of Boerne, TX; Congregation of the Sisters
> of Charity of the Incarnate Word in Houston; Missionary Oblates of Mary
> Immaculate; Franciscan Fathers, New York
> Province; and School Sisters of Notre Dame Cooperative Investment Fund.
>
>
>
>
> For More Information, Please Contact:
>
>
> Jon Coifman, Environmental Media Services, 202/463-6670, or
> Chris Ball, Ozone Action (Shareholders' Technical Advisor), 202/265-6738
>
>
>
> ___________________________________________
> Jon Coifman
> Senior Program Director
> Environmental Media Services
> 1320 18th Street NW, Suite 500
> Washington, DC 20036
> Tel (202) 463-6670 / Fax (202) 463-6671
> E-Mail jcoifman@ems.org
>
>
>