PROXY MEMORANDUM
| To: | Shareholders of Chevron Corporation (the “Company” or “Chevron”) |
| From: | The Anti-Defamation League (“ADL”) & JLens (together, “we”) |
| Date: | April 28, 2026 |
| Re: | The case to vote AGAINST Proposal 6 (Stockholder Proposal to Commission a Third-Party Report on Human Rights Processes) on Chevron’s 2026 Proxy Statement |
___________________________________________________________________________
We Urge You to Vote AGAINST Proposal 6 in Chevron’s 2026 Proxy Statement
Proposal 6, submitted by the Lillian Levin Trust, calls on Chevron to commission an independent third-party report to evaluate the “effectiveness of [Chevron’s] due diligence processes to identify, assess, and mitigate human rights risks” arising from its customers, counterparties, and
business partners. The proposal’s rationale relies substantially on a June 2025 report by the UN Special Rapporteur on the situation of human rights in the occupied Palestinian territories, which names Chevron among those companies alleged to “materially contribute to and benefit from systemic violence and potential atrocity crimes” according to the proposal’s supporting statement. [1]
Proposal 6 follows a documented multi-year pattern of shareholder and advocacy activity directed at Chevron’s operations, including a proposal that was rejected by 89% of votes cast at Chevron’s 2025 Annual Meeting. [2] More recent efforts have increasingly focused, directly and indirectly, on the Company’s Eastern Mediterranean assets, such as Proposal 6.
We make three arguments below for shareholders to vote AGAINST Proposal 6: (1) the proposal focuses selectively on Chevron’s Israel-linked operations while ignoring similar operations in other parts of the world; (2) the report upon which the proposal substantially relies is by UN Special Rapporteur Francesca Albanese, who was sanctioned by the US government on July 9, 2025; and (3) the proposal follows a multi-year Boycott, Divestment, and Sanctions (“BDS”) linked campaign targeting Chevron’s Israel-related operations. For these reasons, we urge shareholders to vote AGAINST Proposal 6.
Proposal 6 Focuses Selectively on Chevron’s Israel-Linked Operations
Chevron’s Leviathan gas field, along with the nearby Tamar gas field, are two of the largest offshore natural gas fields in the Mediterranean. [3] Discovered in 2009 and 2010, they have become strategically important energy assets in the Mediterranean region, [4], supplying natural gas for domestic use and export markets in Israel, Egypt, and Jordan. [5] In January 2026, Chevron announced a final investment decision to expand Leviathan’s production capacity, stating that the project would increase affordable, reliable gas supplies for Israel, Egypt, and Jordan and raise total deliveries from the reservoir to approximately 21 billion cubic meters annually. [6]
Chevron’s portfolio in conflict afflicted areas, however, extends far beyond the Mediterranean Sea. The Company’s 2025 Form 10-K highlights major producing and growth assets in Kazakhstan, Guyana, and other regions. [7] Chevron also operates or holds interests in other geopolitically sensitive, disputed, or sanctions-affected jurisdictions, including Venezuela, the Partitioned Zone between Saudi Arabia and Kuwait, and the Thailand-Cambodia Overlapping Claims Area. [8] Yet Proposal 6 does not appear to approach Chevron’s portfolio in a unified way. Instead, the proposal’s supporting statement focuses on Chevron’s Eastern Mediterranean gas business. In our view, this selectivity is consistent with patterns observed in BDS-aligned advocacy efforts focused on Israel-linked commercial activity.
The Leviathan gas fields are located approximately 90 to 130 kilometers west of Haifa, within Israel’s exclusive economic zone in the Mediterranean Sea. [9] Natural gas from these fields now helps supply a power sector in which roughly 70% of Israel’s electricity is generated from natural gas, thereby sharply reducing the country’s reliance on imported coal and oil. [4] Moreover, the continued development of these assets, including the 2026 Leviathan expansion project announced by Chevron, is expected to increase Israel’s natural gas export capacity and support additional state revenues through exports, royalties, taxes, and levies. [6] These fields therefore form a critical pillar of Israel’s energy security and economic stability. We believe the proposal’s focus on Chevron’s Mediterranean Sea gas fields suggests they are being targeted not because they are Chevron’s only assets in a high-risk environment, but because they are Israel-linked offshore gas assets whose production and revenues benefit Israel.
The Proposal Relies on a Discredited, U.S.-Sanctioned Source Thereby Raising Credibility Concerns
Proposal 6 relies heavily on the work of UN Special Rapporteur Francesca Albanese, whose June 2025 report “From Economy of Occupation to Economy of Genocide” (A/HRC/59/23) names Chevron specifically for its Leviathan and Tamar operations and effectively calls on companies to withdraw “totally and unconditionally” from Israel. [11]
Francesca Albanese: A Record of Antisemitism and Delegitimization
Francesca Albanese, appointed UN Special Rapporteur on the Occupied Palestinian Territories in May 2022, has been widely criticized, including by the ADL, for statements characterized as antisemitic by multiple governments and Jewish organizations. [12] She is the first UN Special Rapporteur reported to have been condemned by both Germany and France for antisemitism, and has also faced condemnation from the U.S. Special Envoy to Combat Antisemitism and the U.S. Ambassador to the UN. [13] She has a long-documented record of using inflammatory language to describe the State of Israel, including comparing Israel to the Nazis, [14] advancing conspiracies about Jewish power, [15] denying and diminishing the October 7th massacre, [16] and expressing views that critics have interpreted as supportive of violence against the Jewish state. [12]
The U.S. Government Has Sanctioned Ms. Albanese
On July 9, 2025, U.S. Secretary of State Marco Rubio announced sanctions against Francesca Albanese, citing her engagement with the International Criminal Court in efforts to investigate or prosecute U.S. and Israeli nationals, as well as her outreach to private sector entities regarding potential liability. Secretary Rubio stated that Ms. Albanese “has spewed unabashed antisemitism, expressed support for terrorism, and open contempt for the United States, Israel, and the West.” [17] The U.S. government described her actions as “lawfare” and “political and economic warfare,” stating that her actions threaten “national interests.” [17] As a result, we believe relying on her report in passing any shareholder proposal could, at a minimum, carry reputational risk for the Company and its shareholders.
The Albanese Report Itself Is Deeply Flawed
Ms. Albanese’s report has several substantive limitations: [11]
- It largely omits or gives limited attention to key contextual factors, including Hamas’s October 7 attack, the group’s continued use of human shields, and Israel’s right to defend itself.
- It criminalizes routine commerce, labeling ordinary economic activity such as selling groceries, supplying electricity, hosting tourists, and conducting academic research, as “complicity in genocide.”[18]
- It exceeds the Rapporteur’s mandate, warning companies they could face criminal prosecution anywhere in the world for continuing to do business with Israel
- It relies on biased activist sources, including BDS proponents such as Who Profits, AFSC, bdsmovement.net, and SOMO’s “Powering Injustice” report, [11] and uses charged terms like “economy of genocide” and “racial capitalism,”[11] raising concerns regarding the objectivity and analytical rigor of its conclusions.
Aligning corporate governance processes with the framework presented in this proposal, which relies heavily on a U.S.-sanctioned source, may create exposure for Chevron.
The Proposal Follows a Multi-Year BDS-Linked Campaign Targeting Chevron’s Israel-Related Operations
ADL and JLens believe that many of the founding goals of the BDS movement, which effectively reject or ignore the people of Israel’s right of self-determination, or that, if implemented, would result in the eradication of the world’s only Jewish state, are antisemitic [19]. In addition, the focus of such campaigns on Israel-related activities, without comparable scrutiny of similar conduct in other geopolitical contexts, may be relevant to consider in light of the International Holocaust Remembrance Alliance (IHRA) Working Definition of Antisemitism, which notes that the application of double standards to Israel can, in certain circumstances, be indicative of antisemitism. [26]
Chevron has been a longstanding target of the BDS movement since its 2020 acquisition of Noble Energy, which made it the operator of several Israeli gas fields.[21]
Chevron has faced a succession of BDS-aligned shareholder proposals framed around human rights and the Company’s Israeli operations. On October 6, 2022, the Palestinian BDS National Committee formally designated Chevron as a boycott target, characterizing its energy operations as financing Israel’s “war chest.” [22] In 2025, a related proposal (Proposal 5), calling for a third-party report on the effectiveness of Chevron’s Human Rights Policy and its Human Rights related efforts, was filed by another organization that has previously supported BDS-aligned pressure campaigns at energy companies. [23] The 2025 proponents filed an exempt solicitation that explicitly targeted Chevron’s operations in Israel and the Palestinian territories, describing the Company’s lawful energy activities in terms that mirror BDS movement talking points, for example, by referring to Chevron’s activities as “pillage” and alleging that supply to the Israeli Electric Corporation, the utility company powering Israel, facilitates human rights violations. [24] Chevron’s shareholders rejected the 2025 proposal by approximately 89% of the votes cast. [2] The campaign has since expanded through consumer boycotts of Chevron-branded gas stations, protest actions at Chevron facilities, local divestment resolutions, a BDS-organized global “Anti-Chevron Day” in May 2025, and formal boycott endorsements from groups including the American Friends Service Committee, the US Campaign for Palestinian Rights, CODEPINK, and others. [25]
This documented record of BDS activism directed at Chevron provides important context for evaluating the intent and potential effects of Proposal 6.
Conclusion: We Urge Shareholders to Vote AGAINST Proposal 6
We believe approving Proposal 6 would introduce uncertainty around the Company’s strategically significant Eastern Mediterranean operations, and risk impairing long-term shareholder value without addressing a demonstrated gap in Chevron’s existing human rights governance or providing decision-useful insight to shareholders. For these reasons, the proposal appears unlikely to enhance shareholder oversight in a manner proportionate to its costs and risks. Shareholders should vote AGAINST Proposal 6.
Thank you for your careful consideration.
For more information, please contact Dani Nurick, JLens Director of Advocacy, at dani@jlensnetwork.org.
About the Anti-Defamation League
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 35 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.
THIS IS NOT A PROXY SOLICITATION AND NO PROXY CARDS WILL BE ACCEPTED
This communication constitutes an exempt solicitation under Rule 14a-2(b)(1) of the Securities Exchange Act of 1934, as amended. Neither ADL nor JLens nor their affiliates are seeking proxy authority. No proxy cards will be accepted. Please execute and return your proxy card according to Chevron’s instructions.
Endnotes
[1] Chevron Corporation, Definitive Proxy Statement (Form DEF 14A), U.S. Securities and Exchange Commission, April 7, 2026, https://www.sec.gov/ix?doc=/Archives/edgar/data/93410/000119312526145617/d77994ddef14a.htm
[2] Chevron Corporation, Form 8-K, Item 5.07 (Submission of Matters to a Vote of Security Holders), filed May 28, 2025, U.S. Securities and Exchange Commission, https://www.sec.gov/Archives/edgar/data/0000093410/000009341025000024/cvx-20250528.htm.
[3] Chevron Israel, “the establishment and development of Israel’s natural gas industry,” https://israel.chevron.com/en/about/history
[4] Chevron Israel, “our assets in Israel” https://israel.chevron.com/en/our-businesses
[5] Reuters, “Leviathan partners sign $35 billion Egypt gas export deal” (August 7, 2025). https://www.reuters.com/business/energy/israels-leviathan-signs-35-billion-natural-gas-supply-deal-with-egypt-2025-08-07/
[6] Chevron Corporation, “Chevron takes Final Investment Decision on Leviathan gas expansion” (January 16, 2026), https://www.chevron.com/newsroom/2026/q1/chevron-takes-final-investment-decision-on-leviathan-gas-expansion
[7] Chevron Corporation, Annual Report (Form 10-K) (Fiscal Year Ended Dec. 31, 2024), https://www.sec.gov/Archives/edgar/data/93410/000009341025000009/cvx-20241231.htm
[8] Chevron Corporation, Annual Report (Form 10-K), filed February 26, 2024, U.S. Securities and Exchange Commission, https://fintel.io/doc/sec-chevron-corp-93410-10k-2024-february-26-19779-8783
[9] Offshore Technology, Leviathan Gas Field, Mediterranean Sea, Israel, https://www.offshore-technology.com/projects/leviathan-gas-field-levantine-israel/
[11] UN Special Rapporteur Francesca Albanese, “From Economy of Occupation to Economy of Genocide,” A/HRC/59/23, 59th Session of the UN Human Rights Council (June 2025), https://www.un.org/unispal/document/a-hrc-59-23-from-economy-of-occupation-to-economy-of-genocide-report-special-rapporteur-francesca-albanese-palestine-2025/
[12] “Francesca Albanese in Her Own Words,” Anti-Defamation League (October 27, 2024), https://www.adl.org/resources/article/francesca-albanese-her-own-words
[13] Anti-Defamation League, Francesca Albanese: Her Own Words, https://www.adl.org/resources/article/francesca-albanese-her-own-words
[14] Jonathan Greenblatt @JGreenblattADL reposts Francesca Albanese @FranceskAlbs, X, October 15, 2024, https://x.com/JGreenblattADL/status/1846276664545923517
[15] Francesca Albanese @FranceskAlbs reposts Chris Hedges @ChrisLynnHedges, X, October 17, 2024, https://x.com/FranceskAlbs/status/1846879867180036293
[16] Francesca Albanese @FranceskAlbs, X, October 7, 2024, https://x.com/FranceskAlbs/status/1710652725870874874
[17] “Sanctioning Lawfare that Targets U.S. and Israeli Persons,” Marco Rubio, Secretary of State, July 9, 2025, https://www.state.gov/releases/office-of-the-spokesperson/2025/07/sanctioning-lawfare-that-targets-u-s-and-israeli-persons
[18] https://www.reuters.com/business/energy/israels-leviathan-signs-35-billion-natural-gas-supply-deal-with-egypt-2025-08-07/
[19] Anti-Defamation League, The Boycott, Divestment and Sanctions Campaign (BDS) (May 24, 2022), https://www.adl.org/resources/backgrounder/boycott-divestment-and-sanctions-campaign-bds
[21] Chevron Corporation, “Noble Energy Is Now Chevron,” https://www.chevron.com/stories/chevron-noble-energy/;
[22] BDS Movement, “Chevron: Milestones,” https://bdsmovement.net/chevron
[23] Chevron Corporation, “Notice of 2025 Annual Meeting of Stockholders and Proxy Statement,” 2025, https://www.chevron.com/-/media/shared-media/documents/chevron-proxy-statement-2025.pdf
[24] Investor Advocates for Social Justice, Notice of Exempt Solicitation re: Chevron Corporation Proposal 5 (2025), https://www.sec.gov/Archives/edgar/data/93410/000121465925007261/z58251px14a6g.htm
[25] Palestinian BDS National Committee, “Call to Boycott Chevron & Siemens” (October 6, 2022), https://bdsmovement.net/Call-to-Boycott-Chevron-Siemens; BDS Movement, “Chevron: Milestones,” https://bdsmovement.net/chevron; American Friends Service Committee, “Boycott Chevron Campaign Resources,” https://afsc.org/BoycottChevron; US Campaign for Palestinian Rights, “Boycott Chevron Campaign Guide,” https://uscpr.org/boycott-chevron/; General Board of Church and Society (United Methodist Church), “Take Action: Boycott Chevron Corporation,” https://www.umcjustice.org/latest/take-action-boycott-chevron-corporation-8293
[26] International Holocaust Remembrance Alliance, Working Definition of Antisemitism, https://holocaustremembrance.com/resources/working-definition-antisemitism
