Public corporations routinely tell shareholders that their views matter. The Chevron Corporation, for example, said in its 2012 proxy statement: “Your board welcomes dialogue on the topics presented in the stockholder proposals on the following pages.”
So it might seem odd that last month Chevron subpoenaed one of its investors, Trillium Asset Management, which has sponsored numerous shareholder proposals at Chevron over the years. The oil company demanded documents related to those proposals. The subpoena also asked for records of discussions Trillium had about these proposals with the media.