Support of shareholder proposal on climate strategy in Chevron

voting intention 3 May 2016

Norges Bank Investment Management will vote in favour of a shareholder proposal related to annual reporting on a climate change impact assessment at the annual general meeting of Chevron Corporation.

NORGES BANK INVESTMENT MANAGEMENT RATIONALE

We encourage companies to consider the sensitivity of their long-term business strategy and profitability to different future regulatory and physical climate scenarios. The scenarios should include low-emissions scenarios incorporating countries’ expressed national, bilateral or international climate commitments and ambitions. One such scenario should consider the successful implementation of policies to limit the likelihood of temperatures rising above 2 degrees Celsius.

We support the integration of relevant climate change challenges and opportunities in a company’s business management, such as investment planning, risk management, and reporting.

Boards should ascertain that responsibilities are clearly defined within the organisation and effectively guide, monitor, and review the company’s management in these efforts.

We encourage companies to have policies or guidelines for engaging with policy makers and regulators on climate change and related topics and to be transparent about relevant associated spending and activities.

We encourage companies to promote the conditions for well-functioning markets and approach new market-based climate regulation constructively, within their financial objective.

We encourage companies to outline their position on specific climate change regulation relevant to their business profitability and outlook.

Chevron Corporation resolutions

 NUMBER

PROPOSAL

MGT REC

NBIM VOTE INTENTION

     Management proposal for Annual General Meeting

1a

Elect Director Alexander B.   Cummings, Jr.

For

For

1b

Elect Director Linnet F. Deily

For

For

1c

Elect Director Robert E. Denham

For

For

1d

Elect Director Alice P. Gast

For

For

1e

Elect Director Enrique   Hernandez, Jr.

For

For

1f

Elect Director Jon M. Huntsman,   Jr.

For

For

1g

Elect Director Charles W.   Moorman, IV

For

For

1h

Elect Director John G. Stumpf

For

For

1i

Elect Director Ronald D. Sugar

For

For

1j

Elect Director Inge G. Thulin

For

For

1k

Elect Director John S. Watson

For

Against

2

Ratification of   Appointment of PWC as Independent Registered Public Accounting Firm

For

For

3

Advisory Vote to Ratify Named   Executive Officers Compensation

For

For

4

Amendment to the   Chevron Corporation Non-Employee Directors’ Equity Compensation and Deferral   Plan

For

For

Shareholder proposal for Annual General Meeting

5

Report on Lobbying

Against

Against

6

Adopt Targets to   Reduce GHG Emissions

Against

Against

7

Report on Climate   Change Impact Assessment

Against

For

8

Report on Reserve Replacements

Against

Against

9

Adopt Dividend Policy

Against

Against

10

Report on Shale   Energy Operations

Against

Against

11

Recommend   Independent Director with Environmental Expertise

Against

Against

12

Set Special Meetings   Threshold at 10%

Against

For

Important legal notice

Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with other shareholders. This disclosure reflects Norges Bank Investment Management’s intention as at the date of publication but such intention is subject to change at our discretion. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.