why am I doing this?
*Shaking Intensifies*
(look at it)
Here's my passwo- NAH
*generic goes crazy over a stupid thing omg*
Well with this now my videos should get better
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It's been a big proxy season for a whole variety of different reasons
But today we had two annual meetings come up at the same time almost within the same hour
Chevron was down in San Ramon, California and
Amazon was right here in Seattle, Washington
So our proposal at Chevron was actually asking for the right for
shareholders to call a special meeting at a threshold of 10% of shareholders
right now it's 50% higher than that, 15%
that's hundreds of millions of shares that are necessary in order
to convene a special meeting now companies get the chance to
Have a meeting any time they want
so they control not only the timing but also the agenda of what's on for that meeting
shareholders need that same right to be able to talk about things when we need to and
with us controlling the agenda
it's particularly important that a company like Chevron
where there have been some major issues that have cost dearly
In the early 2000s - I think 2001 - Chevron acquired Texaco
and Texaco had been responsible for
seismic pollution in the Ecuadorian rainforest in the Amazon
and they have waged this phenomenal
decades-long legal battle to try and fight
any responsibility for what Texaco did
We think that's wrong
Not just from a moral perspective and an environmental harm perspective
but actually also from a shareholder profitability perspective
Our presenter down in California had this to say:
"No one expects Chevron and to meekly roll over.
But our company did accept responsibility when it purchased Texaco.
And it's true that a settlement decades ago when this began would have cost less
probably than the sum of all the high-priced attorneys over the past quarter-century
You know those poor people in Ecuador did suffer real and genuine harm while Texaco and now our company made profits
So we suggest that a reasonable party would see benefit in extending a helping hand
While also curtailing future costs
How best to achieve such an outcome is what shareholders need access to a special meeting to discuss
because it's clear that the liability of potential judgments against our company
has mounted exponentially during the decades that Chevron's management
has hot-headedly pleaded innocence.
So there's a brand-new CEO at the helm at Chevron
and we had hoped that there might be
an opportunity for a new direction a new way of thinking about these issues
and other things that are arising out of the operations
unfortunately it appears from
statements made at the annual meeting this morning that they're going to
stay the current course and continue fighting against all odds
against assuming any responsibility
So the final vote tally as submitted to the Securities and Exchange Commission on Chevron was 34%
which is quite an outstanding outcome,
but when you consider how many shares are controlled directly or indirectly by management
34% is most likely an overwhelming majority of the independent and informed shareholders
So we're quite pleased with today's outcome.
That's the update on Chevron
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