Hydraulic fracturing or fracking is actually a method employed by energy companies, to create cracks in rock like shale to let gas and oil to escape. In the process chemicals, sand as well as water are pumped at extremely high pressures into wells very much deep into the ground.
Chevron, one of the two largest American oil companies encountered increasing pressure during at shareholder meeting to appoint impartial chairman to improve governance. On the eve of annual meeting, protesters urged the company to tackle its prolonged legal battle in South America regarding oil pollution.
However fears about the gas and oil production method among shareholders were remarkably more restrained. After a related fracking resolution during the 2011 meeting which was supported by a high 41 percent of Chevron shareholders, same proposal received 27 percent backing this year.
There was a Chevron resolution for appointing a board director having ecological know-how, but vote count demonstrated that 23 percent supported it, low from 25 percent previous year.
Activists had got hold of the resolution as an indication of investor dissatisfaction with Chevron’s tackling of a fiercely contested $18 billion judgment in Ecuador. The suggestion was even supported by the Institutional Shareholder Services.Previous Post » DJIA Top Bears in Review: Alcoa, Bank of America, Exxon Mobil