Article
Chevron Aims at an Activist Shareholder
Public corporations routinely tell shareholders that their views matter…So it might seem odd that last month Chevron subpoenaed one of its investors, Trillium Asset Management, which has sponsored numerous shareholder proposals at Chevron…The oil company demanded documents related to those proposals. The subpoena also asked for records of discussions Trillium had about these proposals with the media. It is unusual to make such a demand from a shareholder, corporate governance experts say…[T]he subpoena…is part of a Racketeer Influenced and Corrupt Organizations lawsuit Chevron has filed against an army of parties involved in bringing an environmental case against the company in Ecuador almost two decades ago…Trillium is not a defendant in Chevron’s RICO suit…When asked about the…subpoena to Trillium…a Chevron spokesman…said it reflects the company’s belief that Trillium was working closely with plaintiffs in the Ecuador case to pressure Chevron into a settlement. [also refers to Texaco]