April 14, 2011 / 8:35 PM / 9 years ago

UPDATE 1-Chevron CEO earned $16 mln in 2010

* John Watson took over as CEO at start of 2010

* Shareholders vote on 3 new proposals at May 25 meeting

SAN FRANCISCO, April 14 (Reuters) - Chevron Corp (CVX.N) Chairman and Chief Executive John Watson received total compensation of $16.3 million in 2010, his first year at the top of the second-largest U.S. oil company.

Watson earned just over half as much the previous year in his role as vice chairman, according to a filing with U.S. regulators on Thursday ahead of the company’s annual shareholder meeting next month.

The meeting is a regular target for dozens of environmental protesters, who are likely to be encouraged by an $18 billion judgment against Chevron in an Ecuadorean court that the company is challenging. [ID:nN07237039]

Chevron investors will vote on new proposals placed on the ballot by shareholders, including the introduction of a sustainability metric for executive compensation, two proposals calling for a report on hydraulic fracturing in natural gas extraction, and another on deepwater oil wells.

Proposals similar to some that appeared on the 2010 proxy statement include appointing an independent director with environmental expertise; a report on the financial risks of climate change; establishing a board committee on human rights; and guidelines for country selection.

The Chevron board recommended that shareholders vote against all seven proposals.

Last year, the environmental expert director and country selection proposals received 26 percent and 24 percent of the votes, respectively, while the other three stockholder proposals all received less than 10 percent.

This year’s annual shareholder meeting will be held on May 25 at Chevron’s headquarters in San Ramon, California.

Larger rival Exxon Mobil Corp (XOM.N) will hold its annual meeting in Dallas on the same day. Exxon CEO Rex Tillerson received $29 million in total compensation last year. [ID:nN13251253] (Reporting by Braden Reddall; Editing by Ted Kerr)

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