In 2011, a group of investors with over $150 billion assets under management wrote to Chevron regarding the company’s strategy of ongoing litigation, and asking the company to consider a negotiated settlement with the indigenous and campesino communities affected by the company’s pollution. More recently, Chevron’s legal position has worsened, with the upholding of the $18 billion verdict against the company by the Ecuadorian appeals court.
In 2012, investors with over $560 billion of AUM signed a second letter to the company, requesting that they disclose the risks to its operations from any enforcement of the judgement, and re-evaluate and discuss with shareholders whether the company could adopt a more productive approach such as reaching a settlement. At the end of 2012, Chevron initiated legal action against some of the participating shareholders. Investors have filed several further resolutions at the company during 2013.