By Sheila Dang
HOUSTON, May 27 (Reuters) – Chevron shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary voting results at the annual meeting on Wednesday.
Chevron opposed the proposal brought by the National Legal and Policy Center, saying it should have the flexibility to choose the structure of its board.
Proxy advisory firm Glass Lewis had recommended that investors approve the proposal, arguing that an independent board chair helps lead to a more proactive and effective board.
The vote comes after ConocoPhillips investors struck down a similar proposal for the U.S. oil producer earlier this month.
Chevron shareholders also approved the election of all 12 nominees to its board and rejected two other shareholder proposals to produce reports on indigenous peoples’ rights and human rights impacts.
All voting results were in line with what Chevron recommended.
(Reporting by Sheila Dang in Houston and Vallari Srivasatava in Bengaluru; Editing by Anil D’Silva)
