Company Announcements

Strongly believe the proposal would advance a Boycott, Divestment, and Sanctions campaign selectively targeting Chevron'sIsrael-related operations

A substantially similar proposal was rejected by 89% of Chevron shareholders at the 2025 annual meeting

NEW YORK--(BUSINESS WIRE)--May 12, 2026-- JLens, a Registered Investment Advisor that empowers investors to align their capital with Jewish values, along with ADL (the Anti-Defamation League), are urging shareholders of Chevron Corporation (NYSE: CVX) (“Chevron” or “the Company”) to vote AGAINST a shareholder proposal that they say is aligned with a Boycott, Divestment, and Sanctions ("BDS") campaign targeting Chevron'sIsrael-related operations. JLens and ADL also note that Proposal 6, which is expected to be submitted to a vote at the Company’s annual meeting of shareholders on May 27, 2026, could create uncertainty around Chevron’s Eastern Mediterranean operations, including strategically important natural gas assets that support Israel’s energy security.

Proposal 6 calls for the Chevron Board of Directors to commission an independent third-party report “assessing the effectiveness of [Chevron’s] due diligence processes to identify, assess, and mitigate human rights risks arising from its customers, counterparties, and business partners,” and specifically highlights the Company’s stance with respect to “human rights in the occupied Palestinian territories.”

Proposal 6 Seeks to Obstruct Vital Regional Energy Resources

Chevron operates the Leviathan and Tamar offshore natural gas fields in the Eastern Mediterranean, which are among the region’s most strategically important energy assets. These gas fields supply natural gas to Israel, Egypt, and Jordan, and Chevron recently approved a major expansion project intended to increase regional energy deliveries.

The Chevron Board of Directors has recommended that the Company’s shareholders vote AGAINST Proposal 6. Two leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass, Lewis & Co. (“Glass Lewis”), also recommended that shareholders vote AGAINST Proposal 6.

“The proposal selectively targets Chevron’s Israel-linked gas operations, without looking at assets elsewhere across the Company’s global portfolio,” said Jonathan A. Greenblatt, CEO and National Director of ADL. “This kind of selective scrutiny is consistent with longstanding BDS tactics and reflects a troubling double standard.”

JLens has published a Proxy Memorandum describing its opposition to the Chevron shareholder proposal. ADL and JLens recommend that Chevron’s shareholders vote AGAINST Proposal 6 for the following reasons:

• The proposal focuses selectively on Chevron operations that are a source of affordable, reliable gas supplies for Israel and its neighbors. It is important to note that these strategically important energy assets also benefit Egypt and Jordan.
  
  
• Proposal 6 substantially relies upon allegations contained in a biased and controversial United Nations report, whose author has been sanctioned by the US government and who has been widely criticized for statements characterized as antisemitic by multiple governments and organizations.
  
  
• The proposal follows a multi-year BDS-linked campaign targeting Chevron's lawful Israel-related business activities, without applying a comparable framework to Chevron’s operations in other geopolitical contexts.

“As Chevron shareholders and investors guided by Jewish values, we are concerned that Proposal 6 would create uncertainty around the Company’s Eastern Mediterranean operations, which could undermine long-term shareholder value," said Ari Hoffnung, Managing Director of JLens. “For the reasons noted above and in our proxy memorandum, we urge our fellow shareholders to vote AGAINST Proposal 6.”

About ADL

ADL is the leading anti-hate organization in the world. Founded in 1913 to protect the Jewish people, ADL works to stop the defamation of the Jewish people and secure justice and fair treatment to all. In the face of rising antisemitism and extremism, we protect, advocate, and educate, through a mix of programs and services using the latest innovations and technology, and seek to create a world without hate. More at www.adl.org.

About JLens

Founded in 2012, JLens is a 501(c)(3) nonprofit and Registered Investment Advisor that empowers investors to align their capital with Jewish values and advocates for Jewish communal priorities in the corporate arena. JLens’ Jewish Investor Network is composed of over 40 Jewish institutions, representing $12 billion in communal capital. In 2022, JLens established an affiliation with ADL (Anti-Defamation League), the leading anti-hate organization in the world. More at www.jlensnetwork.org.

PLEASE NOTE: THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED. The Anti-Defamation League and JLens are not asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.

This communication is for informational and advocacy purposes only and does not constitute investment advice or a recommendation regarding any security. JLens is a Registered Investment Advisor. The views expressed are JLens’ opinions, based on publicly available information, and are subject to change; any discussion of business impact, risk, or shareholder value is forward-looking and uncertain. JLens’ positions on shareholder proposals are values-based, grounded in Jewish ethical and communal priorities, and are not intended as assessments of investment performance, financial returns, or portfolio optimization. References to past proposal support or litigation are for context only and are not predictive.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260512704449/en/

Media:
JLens
Dukas Linden Public Relations
JLens@dlpr.com

ADL
Jessica Cohen
929-618-6393
adlmedia@adl.org

Source: JLens