Large Investor Coalition Urges Chevron to Explore Settlement in Rainforest Pollution Lawsuit; Related Shareholder Proposal Gets 25% of Vote
“The entire case is looming like a hammer over shareholders’ heads. Chevron should start fresh with a new approach that embraces environmental responsibility and risk management as part of its corporate culture. More legal proceedings will only delay the inevitable.” ~ New York State Comptroller Thomas P. DiNapoli …
"Chevron chiefs face shareholders after huge $18bn Ecuador fine"
Shelley Alpern, Trillium’s Director of ESG Research and Shareholder Advocacy, was quoted in guardian.co.uk on May 25, 2011: “The Ecuadorian courts are but one step away from seizing Chevron’s assets to pay for the record $18bn judgment. It doesn’t seem unreasonable to hope that a settlement agreement might be brokered that comes in below this extraordinary amount, puts funds to work immediately restoring the polluted areas, and helps Chevron put this reputational disaster behind it.” Click here to read the article. Click here to read Trillium’s press release about the request made to the SEC to review Chevron’s shareholder disclosures. …
Trillium Asks Securities and Exchange Commission to Investigate Chevron Corporation’s Disclosures Re Historic Ecuadorian Judgment
Contact: Shelley Alpern, Trillium (617) 292-8026, x 248 Jonas Kron, Esq., Trillium (503) 592-0864 Sanford Lewis, Esq. (413) 549-7333 Boston, MA, May 23, 2011 – Trillium Asset Management (“Trillium”) has requested that the Securities and Exchange Commission (SEC) undertake a staff review to examine whether Chevron Corp. has appropriately disclosed to its shareholders the scope and magnitude of financial and operational risk from a recent adverse legal judgment in Ecuador. In its letter, Trillium states its belief that the issues raised may have “the potential to rise to the level of materiality under the securities laws.” After nearly two decades …
Chevron Liability in Ecuador Pollution Case Approaches $27 Billion
Court Judgment Expected This Year by Shelley Alpern Five years ago, I had the privilege of getting a firsthand look at the evidence in one of the most important lawsuits being heard anywhere in the world. The exhibits are a number of oily pits and ponds scattered throughout the state of Sucumbios, Ecuador, right in the middle of the Amazon rainforest. The contamination is allegedly the work of Texaco, the first petroleum company to break ground in Ecuador in the early 1970s. The court case is being heard in Lago Agrio, a sad-looking town whose many ramshackle buildings look far …
Chevron – Global Environmental Standards Report (2009)
WHEREAS The Chevron Business and Ethics Code places the highest priority on the safety of its staff, community members and the environment where it operates. Corporate Policy 530 “commits Chevron to comply with the spirit and letter of all environmental, health and safety laws and regulations, regardless of the degree of enforcement.” Our company operates in 180 countries, including Africa, Asia and Latin America nations where environmental regimes may be less protective of human health and the environment than in other countries where Chevron operates. CEO David O’Reilly has recognized the importance of our company’s relationships with oil producing nations …
Home Depot and the Endangered Forests of Patagonia
Ancient forests in South America…Home Depot…environmental groups protest. It may sound like a Hollywood script about the timber battles of the 1990s, but unfortunately it describes the players in the latest chapter in the ongoing battle to protect remaining endangered forests in the world. In the heart of the Patagonia region of Chile, the multinational consortium of financiers, HidroAysén, is proposing to build five hydroelectric dams on the Pascua and Baker Rivers. The dams, if built, would flood two pristine rivers and nearly 11,000 acres of Chile’s most biologically rich forest, agricultural and ranching lands. Included in this area would …
Statement on Recent Developments in Aguinda v. Texaco
Trillium Asset Management Corporation Statement on Recent Developments in Aguinda v. Texaco December 4, 2008 Contact: Shelley Alpern (617) 292-8026, x 248 On November 26, 2008, the court-appointed expert charged with assessing Chevron’s liability for damages in connection with Aguinda v. Texaco raised that figure by two-thirds, from $16.3 billion assessed in April to $27 billion. Richard Cabrera had concluded in a 4,000 page report to the court last spring that 100% of Chevron’s former sites are extensively contaminated with cancer-causing toxins, and that an earlier clean-up Texaco claimed it had completed was ineffective. Texaco, which dumped more …
Uncovering Slavery in Steel
How far up a supply chain should a company be held accountable? In Carajas in Brazil’s eastern Amazon region, work is scarce and poverty and lawlessness are widespread. Opportunistic hacienda owners lure the desperate and unemployed to distant charcoal camps with promises of work, wages and shelter. Once at the camp, the owners levy illegal charges on the workers for transportation, equipment, lodging and food. Mario Osava, reporting for Inter Press Service last July described the debt as “pretext to keep laborers on the camp under threat and often under armed guard.” Deep in debt, workers succumb to involuntary servitude, …
Chevron – Global Environmental Standards Report (2008)
WHEREAS The Chevron Business and Ethics Code places the highest priority on the safety of its staff, community members and the environment where it operates. Corporate Policy 530 “commits Chevron to comply with the spirit and letter of all environmental, health and safety laws and regulations, regardless of the degree of enforcement.” Our company operates in 180 countries, including Africa, Asia and Latin America nations where environmental regimes may be less protective of human health and the environment than in North American and European countries where Chevron operates. CEO David O’Reilly has recognized the importance of our company’s relationships with …
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