Chevron Corporation today provided an overview of the company’s 2016 operational and social performance and future growth plans for the company at its 2017 Annual Meeting of Stockholders in Midland, Texas .
“2016 was a transition year for Chevron and the industry,” said John Watson , chairman of the board and chief executive officer. “We took significant actions to reduce costs, limit cash consumption and protect the balance sheet. As oil prices improved, recovery in earnings was evident in the second half of the year. This progress has continued into 2017.”
Watson reiterated that he is confident about the company’s future. “We are well positioned with a strong portfolio and the right business model, including a profitable downstream and chemical business and an upstream portfolio of shorter cycle opportunities, highlighted by our enviable position in the Permian Basin ,” said Watson. “Our long-term strength is also underpinned by projects in Kazakhstan , Australia , the deepwater Gulf of Mexico , and attractive future options in West Africa , South America , Asia and North America.”
Stockholders voted on 10 items. As reported during the meeting, the preliminary report of the Inspector of Elections was as follows:
Item 1: An average of 97 percent of the votes cast were voted for each of the 12 nominees for election to the board of directors.
Item 2: Approximately 98 percent of the votes cast were voted to ratify the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company.
Item 3: Approximately 93 percent of the votes cast were voted to approve, on an advisory basis, the compensation of the company’s named executive officers.
Item 4: Approximately 88 percent of the votes cast were voted, on an advisory basis, in favor of an annual advisory vote on named executive officer compensation.
Item 5: Approximately 71 percent of the votes cast were voted against the stockholder proposal regarding a report on lobbying.
Item 6: Approximately 94 percent of the votes cast were voted against the stockholder proposal regarding a report on business with conflict-complicit governments.
Item 7: Withdrawn
Item 8: Approximately 73 percent of the votes cast were voted against the stockholder proposal regarding a report on transition to a low carbon economy.
Item 9: Approximately 61 percent of the votes cast were voted against the stockholder proposal to require an independent chairman.
Item 10: Approximately 80 percent of the votes cast were voted against the stockholder proposal to recommend an independent director with environmental expertise.
Item 11: Approximately 69 percent of the votes cast were voted against the stockholder proposal to set the special meetings threshold at 10 percent.
Final voting results will be reported on a Form 8-K, which will be filed with the U.S. Securities and Exchange Commission and available at www.chevron.com. Specific information about the proposals before Chevron stockholders this year may be found in the Investor Relations section of the company’s website under Stockholder Services – “Annual Meeting Materials.”