press release

Chevron Press Release - Chevron Stockholders Re-elect 10 Directors; Reject Limits On Retirement Benefits

SAN FRANCISCO, May 7, 1996 -- Chevron Corporation stockholders today elected 10 incumbent directors for one-year terms and voted to retain Price Waterhouse as the company's independent auditor.

In other actions, stockholders by a overwhelming margin voted against a proposal to develop country investment guidelines tied to social issues.

Stockholders also voted against a proposal to limit annual and cumulative retirement pay, accepting the opinion of the Board of Directors that such a limit would act as an arbitrary ceiling with harmful consequences on the company's compensation package needed to attract high-quality employees.

A proposal to pay the non-employee members of the Board of Directors exclusively in common stock was also rejected by stockholders, leaving in place a compensation package that includes a variety of different forms of payment.

Stockholders, agreeing with the company's philosophy of not interfering in host-country internal matters, also voted against a proposal that would require Chevron to report on operating risk in Nigeria and influence the Nigerian government's relations with Nigerian political activists.

Updated: May 1996