SEC backs Chevron against activist shareholders

The Securities and Exchange Commission gave Chevron Corp. permission to block a shareholder proposal that sought to strip CEO John Watson of his title as chairman of the board, the San Francisco Chronicle reports.

The proposal was one of two that Chevron (NYSE: CVX) wants to block.

Both are related to the $19 billion pollution lawsuit against the company in Ecuador, which stemmed from its acquisition of Texaco.

Watson played a key role in that deal in 2001 before becoming CEO, the report notes.


From the SF Business Times

Comments are closed.