UPDATE 1-Chevron shareholders to vote on climate change proposals -filing

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April 8 (Reuters) - Chevron Corp shareholders will vote on proposals aiming to require the No. 2 U.S. oil producer to reduce the environmental impact of its products and report on climate business risks.

Chevron has pledged to limit the pace of growth of its carbon emissions that contribute to climate change, but has not set longer-term targets to achieve net zero as many European rivals have done.

Shareholder proposals include reducing so-called Scope 3 emissions that come from the use of its fuels and a request that the company report the impact of net zero 2050 scenarios on its business, according to the company's proxy filing on Thursday.

The company is recommending that its stock holders vote against the shareholder proposals, including one for an independent board chair after the next chief executive transition.

Another shareholder proposal asks for more lobbying disclosures.

Shareholders last May voted to approve a proposal demanding that the company issue a report on its climate change-related lobbying activities, a major win for activists against big oil.

Chevron issued a climate lobbying report in December.

The filing included details on executive compensation, including $29 million for CEO Michael Wirth in 2020, down from $33.1 million in 2019. (Reporting by Jennifer Hiller Editing by Marguerita Choy)

04/08/2021 16:28

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