Shareholders at Chevron, ExxonMobil, and ConocoPhillips dismissed proposals for increased tax transparency put forth by Oxfam America, highlighting ongoing efforts to address global tax inequality.
Shareholders at major oil companies Chevron, ExxonMobil, and ConocoPhillips recently voted against proposals for increased tax transparency. The proposals, put forth by nonprofit Oxfam America, aimed to require these companies to publish detailed reports on earnings and taxes paid in each country of operation. At Chevron’s shareholder meeting on May 29, 85% of votes opposed the measure. ExxonMobil and ConocoPhillips blocked similar votes entirely.
Oxfam has advocated for this transparency to ensure profits are not moved strategically to low-tax jurisdictions. Despite shareholder rejections, the issue remains significant among transparency advocates, who argue it could help address global tax inequality.
In early June, shareholders at Kosmos Energy Ltd. also voted against a similar Oxfam proposal, though 23% of votes were in favor. Kosmos stated that adopting new reporting standards would not significantly benefit shareholders and could disadvantage the company competitively.
This follows a broader movement for financial transparency in the EU and other regions, with mandatory reporting requirements coming into effect in the EU last year. Despite setbacks, advocacy for greater corporate transparency continues to gain traction among various stakeholder groups.
