Dambisa Moyo

About Dambisa F. Moyo

Independent director of Chevron (CVX) since October 2016; age 56; currently Co-Principal at Versaca Investments. She is designated an Audit Committee financial expert and serves on Chevron’s Audit Committee; independence affirmed under NYSE standards. Education includes a Ph.D. in Economics (University of Oxford), MBA in Finance (American University), and MPA (Harvard Kennedy School).

Past Roles

Organization	Role	Tenure	Committees/Impact
Versaca Investments	Co-Founder and Co-Principal	Since 2021	Growth investing globally
Mildstorm LLC	CEO	2015–2021	Financial/economics advisory
Goldman Sachs	Economist	2001–2008	Global macro/finance experience
World Bank	Consultant	1993–1995	Development finance
Barrick Gold Corporation	Director	Not disclosed (outside past 5-year window)	Served on Audit and Risk Committees; environmental oversight

External Roles

Organization	Role	Tenure	Committees/Impact
House of Lords (UK)	Member (Baroness Moyo of Knightsbridge)	Since 2022	Public policy/regulatory perspective
Condé Nast	Board/Advisory	Not disclosed	Media governance
Linklaters International Advisory Group	Member	Not disclosed	Legal/policy advisory
National Geographic Society	Board of Trustees	Not disclosed	Nonprofit governance
3M Company	Director (prior, within past five years)	Not disclosed	Audit/oversight experience

Board Governance

Committee assignments: Audit Committee member; designated Audit Committee financial expert. The Audit Committee held 10 meetings in 2024 and oversees financial reporting, internal controls, compliance, cybersecurity financial exposures, and sustainability/climate-related financial risks.
Independence: The Board determined all non-employee directors (including Dr. Moyo) are independent under NYSE standards; categorical immateriality thresholds apply to outside relationships.
Attendance: In 2024, the Board met six times and committees met 25 times; all directors attended at least 93% of their Board and committee meetings and attended the 2024 Annual Meeting.
Time-commitment controls: Board policy limits outside public company boards (amended Dec 2024); all directors are compliant; Dr. Moyo currently holds no other public company directorships.

Fixed Compensation (Non-Employee Director — FY2024)

Component	Amount
Annual Cash Retainer	$155,000
Committee Chair Fees	$0 (not a chair)
Meeting Fees	$0 (none provided)
Charitable Match	$0 (none reported)
Perquisites	$67,604 (includes family attendance and allocated costs for Sept 2024 international Board trip to Angola/Zambia/Zimbabwe; planning $18,618 per attendee; travel on corporate/charter aircraft to non-company location $4,092 for Dr. Moyo; plus lodging, meals, security, medical personnel, vendor fees)

Total FY2024 director compensation: $457,604 (Cash $155,000; Stock awards $235,000; All other $67,604).

Performance Compensation (Non-Employee Director — FY2024)

Vehicle	Grant Value	Vesting/Terms	Performance Metrics
RSUs	$235,000	RSUs granted at Annual Meeting; vest on the earlier of 12 months or the day preceding the first Annual Meeting following grant; payable in Chevron common stock unless deferred	None (directors do not receive non-equity incentives; RSUs are time-based)
Stock Options	$0 (no election; no outstanding options)	Directors may no longer elect options in lieu of cash since Dec 31, 2021; prior options (if any) remain outstanding per original terms	N/A

Other Directorships & Interlocks

Category	Details
Current public company boards	None
Prior public company boards (past 5 years)	3M Company
Notable nonprofit/academic/policy roles	House of Lords; National Geographic Society Board of Trustees; Linklaters International Advisory Group; Condé Nast
Potential interlocks with CVX competitors/suppliers/customers	Not disclosed in proxy; Board independence standards include categorical immaterial thresholds to manage potential conflicts

Expertise & Qualifications

Finance/economics: Ph.D. (Oxford), MBA (American University); 10 years at Goldman Sachs and World Bank; Audit Committee financial expert; prior Audit and Risk Committee experience at Barrick Gold.
Global business/public policy: Born/raised in Zambia; >80 countries traveled; Member of UK House of Lords; MPA (Harvard Kennedy School).
Research/publications: Author of four New York Times bestsellers; frequent contributor to finance/economics publications.

Equity Ownership

Item	Quantity/Status
RSUs outstanding (incl. dividend equivalents, rounded)	5,440 units at 12/31/2024
Stock units from cash deferral	0 units
Stock options	0 options
Director ownership guidelines	Expected to own 7× annual cash retainer or 15,000 shares within 5 years; all non-employee directors with >5 years have met the guideline (Dr. Moyo joined in 2016)

Governance Assessment

Positives: Independent status with audit financial expertise; strong board attendance culture; no current public company directorships (lower conflict/time-risk); compliance with stringent director stock ownership guidelines; Audit Committee oversight expands to cybersecurity and sustainability-related financial risk.
Structural alignment: Non-employee director pay mix is balanced (cash + RSUs) with no meeting fees and no performance-based incentives; RSUs vest on a short cycle promoting ongoing alignment; external consultant used to benchmark director pay; no changes recommended for 2025.
RED FLAGS/Watch items: Elevated perquisites from international Board trip ($67,604 reported), including family member attendance and allocated travel/security costs—optics risk for some investors; however, Chevron discloses costs and rationale (operational insight, governance engagement).
Conflict controls: Board maintains categorical immateriality thresholds for outside relationships and active stockholder engagement on governance; outside board service limits tightened (Dec 2024).