Shareholders of U.S oil giant, Chevron have voted against a proposal seeking to separate the roles of board chair and chief executive officer, allowing the oil major to maintain its current leadership structure.

The proposal was presented during Chevron’s annual shareholders meeting on Wednesday and called for the appointment of an independent chairperson separate from the CEO role.

Chevron opposed the measure, saying the company should retain flexibility in determining the structure of its board and leadership.

Proxy advisory firm Glass Lewis had recommended support for the proposal, arguing that independent board leadership could improve oversight and strengthen governance.
Preliminary voting results, however, showed that investors backed Chevron’s position.

The outcome mirrors a recent vote at , where shareholders also rejected a similar proposal aimed at separating the chairman and CEO positions.

Chevron shareholders also approved the election of all 12 board nominees and voted against additional proposals related to indigenous rights and human rights impact reporting.
The voting outcomes were in line with recommendations issued by Chevron’s management ahead of the meeting.