DEFA14A: Chevron to Hold Virtual-Only Annual Meeting in 2025, Encouraging Stockholder Participation

Chevron Corporation will host its 2025 Annual Meeting virtually on May 28, 2025, emphasizing stockholder participation and transparency.

Summary

• Chevron Corporation will conduct its 2025 Annual Meeting solely via live audio webcast on May 28, 2025, at 10:00 a.m. CDT.
• The company encourages stockholders to participate in the virtual meeting, vote, and ask questions online.
• Stockholders of record as of March 31, 2025, are eligible to participate and vote.
• Participants need a 16-digit control number to access the meeting website and vote.
• The meeting will be opened for access beginning at 9:45 a.m. CDT on May 28, 2025.
• Stockholders can submit questions in advance or live during the meeting.
• In case of technical difficulties, a phone line is available for assistance.
• If a technical malfunction affects the meeting's ability to satisfy requirements under Delaware General Corporation Law, the meeting will be adjourned and reconvened at Chevron's headquarters in Houston, TX, or at a virtual location to be announced.
• Stockholders may vote electronically until 11:59 p.m. EDT on May 27, 2025, except for employees holding stock through benefit plans, who must vote by 11:59 p.m. EDT on May 22, 2025.

Sentiment

Score: 7

Explanation: The document conveys a positive sentiment by emphasizing accessibility, transparency, and stockholder participation in the upcoming annual meeting. The provision of technical support and contingency plans for technical issues further contributes to a sense of preparedness and positive communication.

Positives

• The virtual format enhances accessibility for all stockholders with internet access.
• The meeting is designed to encourage stockholder participation, protect stockholder rights, and promote transparency.
• Stockholders have multiple avenues to submit questions, both in advance and live during the meeting.
• Technical support is available to assist stockholders experiencing difficulties accessing the meeting.

Risks

• Technical malfunctions could disrupt the meeting, requiring adjournment and reconvening.
• Stockholders without a 16-digit control number or legal proxy may not be able to fully participate in the meeting.

Future Outlook

The company plans to continue engaging with stockholders through virtual meetings and online resources.

Management Comments

• Your Board believes this format will enhance and facilitate attendance by providing convenient access for all of our stockholders with access to the internet.
• We have planned and designed the meeting to encourage stockholder participation, protect stockholder rights, and promote transparency.

Industry Context

The shift to virtual annual meetings reflects a broader trend in corporate governance to enhance accessibility and reduce costs. Many companies, including peers like ExxonMobil and Shell, have adopted virtual or hybrid meeting formats.

Comparison to Industry Standards

• Many large corporations, including ExxonMobil, Shell, and BP, have adopted virtual or hybrid annual meetings to increase accessibility and reduce costs.
• Chevron's approach to stockholder engagement, including pre-recording options for proposal proponents and online question submission, aligns with best practices in corporate governance.
• The availability of a technical support line mirrors the support offered by other companies during virtual meetings to address potential technical issues.

Stakeholder Impact

• Stockholders can participate more easily in the annual meeting.
• Employees holding stock through benefit plans have specific voting deadlines.
• The company aims to be transparent and responsive to stockholder questions and concerns.

Next Steps

• Stockholders should review the proxy statement and vote on the proposals.
• Stockholders intending to participate in the virtual meeting should ensure they have their 16-digit control number and access the meeting website on May 28, 2025.

Key Dates

Keywords

Annual Meeting, Virtual Meeting, Proxy Statement, Chevron, Stockholders, Voting, Corporate Governance