Oxfam America, along with co-filers Nordea Asset Management, the Benedictine Sisters, and KLP, has submitted materials urging Chevron shareholders to vote for a tax transparency report at the upcoming annual meeting on May 29, 2024. The resolution calls for the Board of Directors to issue a report prepared in accordance with the Global Reporting Initiative's Tax Standard, excluding confidential information. The proponents argue that Chevron's aggressive tax avoidance poses significant risks to investment returns and that the company's lack of disclosure on foreign tax payments hinders investors' ability to assess risks and long-term value creation. Chevron has faced legal challenges and settlements with tax authorities globally, including a $429 million payment in 2020 and a $1.17 billion payment in 2017. The...Show More

Oxfam America, along with co-filers Nordea Asset Management, the Benedictine Sisters, and KLP, has submitted materials urging Chevron shareholders to vote for a tax transparency report at the upcoming annual meeting on May 29, 2024. The resolution calls for the Board of Directors to issue a report prepared in accordance with the Global Reporting Initiative's Tax Standard, excluding confidential information. The proponents argue that Chevron's aggressive tax avoidance poses significant risks to investment returns and that the company's lack of disclosure on foreign tax payments hinders investors' ability to assess risks and long-term value creation. Chevron has faced legal challenges and settlements with tax authorities globally, including a $429 million payment in 2020 and a $1.17 billion payment in 2017. The company has also withdrawn from the Extractive Industries Transparency Initiative, further limiting transparency. The filing highlights that many of Chevron's peers have already adopted GRI-aligned tax reporting, enhancing investor evaluation of tax-related risks. The proponents assert that a GRI-aligned tax report would bring Chevron in line with industry standards and provide shareholders with the necessary information to make informed decisions regarding tax risks.