Investment group Newground Social Investment will highlight Chevron’s role in Myanmar bloodshed during AGM resolution proposal
New York City — Protesters in the US and Myanmar are demanding energy giant Chevron stop supporting the Myanmar military and suspend payments to the state-owned Myanmar oil and gas enterprise (MOGE). Gas revenues from companies like Chevron are the largest source of funding to the military regime in the formal economy, providing over $1billion annually.
On May 26, the day of Chevron’s AGM, actions are planned in several cities like New York, San Francisco, LA and Houston — as well as in Myanmar where protesters will be doing a large banner drop calling for all energy companies to suspend payments to the military.
During Chevron’s AGM, socially-conscious investment firm Newground Social Investment will move resolution #9 on “special meetings” to highlight Chevron’s role in supporting the Myanmar military during its allotted 2 minute slot at the AGM.
The Proposal itself is unrelated to Myanmar. It would grant shareowners the ability to consider important matters which may arise between annual meetings, and allow for the board to call for a special meeting. In 2019, it received 35% of votes, representing approximately $54 billion in shareholder value.
The resolution text will be read by exiled Burmese human rights activist Khin Ohmar, forcing Chevron executives and investors to face the mounting pressure to stop funding the bloodshed.
An excerpt from Ohmar’s prepared AGM speech reads:
“Chevron’s Yadana pipeline provides the Myanmar military with the money it needs to cling to power. The US government is considering ways to cut off this flow of oil money, but the New York Times reports that Chevron is helping the Myanmar military to lobby against those sanctions.
How does management square its “Chevron Way” with support of a military that is on trial for charges of genocide?”
In New York, dozens of Burmese and American protesters, including monks, and those shaving their heads in protest against Chevron are expected at the Diversity Plaza in Queens at 11am ET.
Petitions launched by SumOfUs and the International Campaign for the Rohingya have more than 110,000 supporters and call on Chevron, Total, and Korean energy company POSCO to suspend payments to the military.
While the U.S. Treasury Department has placed several sanctions on the Myanmar military, the military’s State Administrative Council, and several State-Owned Enterprises, it has yet to sanction MOGE. A bi-partisan group of senators, led by Senator Jeff Merkley, has sent a letter urging the Biden administration to place MOGE under targeted US sanctions.
Over 11,000 people living in Myanmar responded favorably to a recent survey asking whether they’d support oil and gas companies to suspend payments to MOGE, with 98% of respondents claiming they’d rather have their power shut off than see money continue to go into the coffers of the military.
Rewan Al-Haddad, Campaigns Advisor for SumOfUs said: “How many more protesters must be slaughtered before Chevron finally acts? So far we’ve heard nothing but excuses from the oil giant, and investors should be horrified by the company’s role in funding the bloodshed in Myanmar. It’s time for Chevron to finally act and suspend payments to the Myanmar military.”
“More than 800 people have been killed since the military coup in Myanmar on February 1st. Chevron is funding slaughter in Myanmar and to stop it, president Biden must sanction Myanmar Oil and Gas Enterprise (MOGE) to make such payment illegal,” said Nyunt Than of the Burmese American Democratic Alliance. For more information or to request an interview, email Rewan Al-Haddad: [email protected]
- 11:00 am EDT: Diversity Plaza 37r Road and 74 Street, Jackson Heights, NY 11372
- 2 pm EDT: 6001 Bollinger Canyon San Ramon
- 4 pm EDT: Chevron’s Lobbying Office, 600 13th Street, NW, WDC