Teamsters Call for Transparency at Chevron in Shareholder Proposal

http://sev.prnewswire.com/oil-energy/20090512/DC1548212052009-1.html

Proposal Focuses on Chevron's Role in Burma and Resulting Risks to Shareholder Value


WASHINGTON, May 12 /PRNewswire-USNewswire/ -- Representatives from the International Brotherhood of Teamsters and Simon Billenness, Co-Chair of the U.S. Campaign for Burma, gave presentations via teleconference today on the Country Selection Criteria shareholder proposal at Chevron Corporation, which goes to a vote at the company's May 27, 2009 annual meeting of shareholders.


The presentations focused on Chevron's role in Burma and the resulting risks to shareholder value, and the need for Chevron to be transparent about the standards used by the company in its assessment of high-risk countries for potential or continued investment.



Chevron, in partnership with Total of France, the Petroleum Authority of Thailand, and Myanma Oil and Gas Enterprise, holds equity in the largest investment project in Burma: the Yadana gas-field and pipeline, which is reportedly the single largest source of income for the Burmese military regime.


Chevron's investment in Burma exposes the company to staggering legal, financial, political, and reputation risks and raises serious questions about Chevron's current policies and processes for evaluating and managing in-country operational risks.


The Teamsters General Fund is the lead filer of the Country Selection Criteria proposal, which asks Chevron to disclose the criteria under which it starts and ends investments in high risk countries like Burma. If adopted, the proposal would provide shareholders with the information they need to evaluate Chevron's procedures and policies in this area and make informed choices regarding Chevron's governance.


Described by the New York Times as "a super-specialist" in human rights and shareholder advocacy, Simon Billenness has over 15 years of experience helping institutional investors address key issues concerning human and labor rights, the environment, and country risk. He is a pioneer in shareholder engagement with companies operating in countries racked by conflict and under repressive regimes. His country and regional expertise includes Latin America, Burma (Myanmar), Nigeria, Sudan/Darfur, and China.


Simon Billenness developed his professional expertise as a Senior Analyst for Trillium Asset Management, Senior Policy Advisor for Corporate Engagement at Oxfam America, and Special Advisor with the Office of Investment at the AFL-CIO.


Billenness is a member of the Board of Directors of Amnesty International USA, where he serves as liaison to the Investment Committee and the Business and Human Rights Program. He also serves on the Board of Directors of the U.S. Campaign for Burma and the Unitarian Universalist Association Committee on Socially Responsible Investment.