Chevron to Tie Some Pay to Greenhouse Gas Goals
February 07 2019 - 11:09AM
Dow Jones News
By Colin Kellaher
Chevron Corp. (CVX) on Thursday said its progress on reducing
greenhouse-gas emissions will now be a factor in determining
compensation for its executives and nearly all other workers.
The San Ramon, Calif., energy company said its board has
established performance measures in a bid to align employee
incentives with achieving progress on climate-related issues.
Chevron said the metrics aim to reduce methane emissions
intensity by 20% to 25% and flaring intensity by 25% to 30% for the
2016-2023 period, aligned with the timing of milestones in the
Paris Agreement on climate change. The company said it will measure
the intensity based on its ownership of oil and gas assets, not
just the projects over which it has operational control.
Chevron said the new performance measures will be included in
the scorecard for its incentive plan, which rewards employees for
meeting key company goals. Chevron said the annual variable pay
program includes about 45,000 workers.
The company said it will report on its annual achievement of the
methane and flaring performance measures as part of its proxy
statement in 2020.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 07, 2019 10:54 ET (15:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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