Devon shareholders reject reporting proposals Wednesday

Devon Energy Corp. shareholders voted down a pair of proposals that would have required the company to prepare reports on climate change.
by Jay F. Marks Published: June 5, 2014
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Devon Energy Corp. shareholders on Wednesday rejected proposals that would have forced the company to compile reports on its lobbying activity and plans to address climate change.

Shareholders at Devon’s annual meeting also re-elected the company’s 10-member board, which includes CEO John Richels and Executive Chairman Larry Nichols, with an average of 97 percent of votes cast.

Directors Barbara M. Baumann and John E. Bethancourt were elected for the first time after being appointed to the board in January.

Shareholders voted down proposals by two state retirement funds that would have required Devon to issue reports on its approach to climate change. Both were opposed by the company’s board.

The New York State Common Retirement Fund proposal requested that Devon prepare a report on how fossil fuels contribute to climate change, with an analysis of the short-term and long-term risks to the company. Only 20 percent of shareholders voted in favor of the proposal.

The Connecticut Pension Retirement and Trust Funds sought a report detailing Devon’s lobbying activities related to energy policy and climate change. That proposal received 27 percent of shareholder votes.


by Jay F. Marks
Energy Reporter
Jay F. Marks has been covering Oklahoma news since graduating from Oklahoma State University in 1996. He worked in Sulphur and Enid before joining The Oklahoman in 2005. Marks has been covering the energy industry since 2009.
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