26 May 2008
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Ahead of its annual shareholder meeting tomorrow, the Chevron Corporation is facing increasing scrutiny for its business practices around the world from California to Ecuador. The second most profitable oil company in the United States faced a continuing legal challenge just last week from a coalition of environmental groups in Richmond, California. The activists say that Chevron’s plans to replace old equipment at its refinery in the city will allow for the processing of heavier crude that would lead to an increase in pollution.
Meanwhile, CalPERS, a major pension fund that holds hundreds of millions of dollars in stock in the company, announced last Thursday that it planned to vote for a resolution at the annual shareholder meeting on Chevron’s liability in Ecuador. The company is currently facing a decision expected this year on a 27 billion dollar claim accusing it of polluting Amazon jungle regions in the South American country. Lawsuits, such as those in California and Ecuador, have inspired, in part, a new expose on Chevron detailing abuses committed by the company worldwide.
The findings and conclusions of the 44-page report entitled The True Cost of Chevron will be announced today ahead of plans to protest outside of the company’s headquarters in San Ramon, California tomorrow.