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Oxfam reaction to tax transparency votes at Chevron, ConocoPhillips, and ExxonMobil

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In response to the votes on Oxfam America’s tax transparency shareholder resolutions at ConocoPhillips on May 16 and Chevron and ExxonMobil today, Daniel Mulé, Oxfam America’s policy lead for extractive industries tax and transparency, made the following statement:

“Chevron, ConocoPhillips, and ExxonMobil are in desperate need of real tax transparency. Their questionable tax practices have come with significant costs to the companies, and the lack of adequate data leaves their shareholders unable to identify and assess material risks related to their tax practices. But the companies still continue to resist common transparency standards and keep investors and the general public in the dark.

“Tax avoidance from multinational corporations is also costing poor countries at least $100 billion in lost revenue every single year. This is money that governments could otherwise use to put children in schools, build hospitals, and help farmers deal with the impacts of the climate crisis that is only beginning to wreak havoc around the world.

“The 17% vote in favor of our resolution at ConocoPhillips and the preliminary vote counts of 14% at both Chevron and ExxonMobil signal growing shareholder support for tax transparency. Public country-by-country reporting—the measure at the heart of these resolutions—is backed by investors with $10 trillion in assets under management and already implemented by peer companies like Shell and Hess. It’s time for Chevron, ConocoPhillips, and ExxonMobil to pull back the curtain and reveal where they make their profits, and where they pay their taxes.”

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For more information, contact:

Shelby Bolen
Media Officer
Washington, DC
Office: (949) 677-3807
Email: [email protected]

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