Last week, Chevron’s Chairman and CEO, Mike Wirth asserted that shareholders should use their dividend payments to invest in renewables, if that is what they want to do, as it wasn’t a strategy the US oil giant would be pursuing.
Speaking on CNBC’s Mad Money programme, Wirth told host Jim Cramer that the company has concluded that it “can’t create value for shareholders by going into wind and solar”. Instead, responding to a question on whether shareholders should focus on what they invest in, he said, the company would rather focus on giving shareholders a “growing dividend” that they can use to “plant trees” with or invest in renewables.
“We’d rather dividend it back to shareholders and let them plant trees, go invest in a wind and solar developer and have the right to do that with a growing dividend that comes out of our company,” Wirth said.
Responding to those comments, Mark van Baal, Founder of Dutch shareholder advocacy group Follo…