Chevron CEO Rebuked For Handling Of $18B Ecuador Case
Law360, New York (May 31, 2012, 3:41 PM EDT) -- Shareholders in California-based energy giant Chevron Corp. dealt a harsh public rebuke to CEO John Watson at an annual shareholder meeting Wednesday, widely supporting resolutions to cite Watson for failing to properly handle an $18 billion environmental liability in Ecuador.
According to a statement put out by displeased shareholders after the meeting Wednesday, Watson failed to properly manage the company during a historic, drawn-out environmental suit in Ecuador over alleged polluting of the Amazon rainforest in the country. Many of Chevron's institutional shareholders urged Watson to settle the long-running dispute in a letter to Chevron management issued last week.
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