Business: Outrage Over Chevron CEO's Conduct At Shareholder Meeting

Report
April 27, 2005

Business: Outrage Over Chevron CEO's Conduct At Shareholder Meeting

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Alan Hevesi, comptroller of New York whose $120 billion New York Common Retirement Fund is the second largest public pension fund in the country, released a statement that said: "I find it troubling that ChevronTexaco's reputation continues to suffer because it has not been able to resolve its issues in Ecuador. Each day that this environmental and health crisis continues, ChevronTexaco's future business opportunities abroad are more at risk. As an institutional investor, I hope that the company will resolve its issues in Ecuador as soon as possible."

Californian Controller Westly, who sits on the board of trustees of both CalPERS and CalSTRS (respectively the largest and third-largest public pension funds in the country), released a statement calling on the ChevronTexaco Board "to undertake an independent review of the situation [in Ecuador]."

Westly said: "ChevronTexaco is a California company that has based its reputation on going the extra mile to be a good neighbor in the California community. I am concerned that actions taken by Texaco prior to its merger with Chevron in 2001 may be tarnishing that hard-earned reputation."

CalPERS, CalSTRS and New York Common pension funds hold more than $2 billion dollars worth of ChevronTexaco stock. The funds already have voted in favor of a shareholder resolution on the ballot at today's meeting calling on management to report any new initiatives to address the health and environmental concerns of the communities in the company's former Ecuador oil blocks.

In addition, Amnesty International - the largest human rights organization in the world - released the following statement with regard to the shareholder resolution: "Amnesty International has co-filed this shareholder proposal not only as a concerned shareholder but also as the world's largest human rights organization, representing 1.8 million members globally. As stated in the Universal Declaration of Human Rights, 'every organ of society' has a responsibility to promote respect for human rights, and this includes powerful multinational corporations like ChevronTexaco. The claims of the Ecuadorian Amazon communities deserve to be addressed, and the company needs to demonstrate with actions that they are serious about being a socially responsible leader in their industry."

Contact: Celia Alario 310-721-6517 or Atossa Soltani, Amazon Watch 202-256-9795
Gabriela Jaramillo, Amnesty International 301-219-9255