UPDATE 1-Chevron shareholders reject proposal that requires independent board chair separate from CEO role

Chevron Corporation

Chevron Corporation

CVX

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Adds details from paragraph 2

By Sheila Dang

HOUSTON, May 27 (Reuters) - Chevron CVX.N shareholders rejected a proposal that would have required an independent board chair separate from the CEO role, according to preliminary voting results at the annual meeting on Wednesday.

Chevron opposed the proposal brought by the National Legal and Policy Center, saying it should have the flexibility to choose the structure of its board.

Proxy advisory firm Glass Lewis had recommended that investors approve the proposal because an independent board chair helps lead to a more proactive and effective board.

The vote comes after a similar proposal ConocoPhillips investors struck down a similar proposal for the U.S. oil producer earlier this month.

Chevron shareholders also approved a proposal to elect all 12 nominees to its board.

All votes were in line with what Chevron recommended.



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