More than a fifth of shareholder votes were cast against Shell’s climate strategy at a tense annual general meeting.
The board faced heated exchanges with investors and protesters throughout the three-hour event at the InterContinental O2 in London on Tuesday.
A resolution to approve the current strategy saw 21.8% of shareholder votes going against management, Shell said.
Meanwhile, nearly a fifth of the votes (18.6%) backed a resolution from Dutch activist group Follow This, which called on the board to align decarbonisation targets with the goals of the Paris Agreement.
But despite a record 27 institutional investors co-filing the resolution, the result came as a drop from 20.2% in 2023.
The AGM was the first since Shell scaled back several short-term and medium-term climate targets last year.
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As the meeting moved on to shareholder questions, Mark van Baal, founder of Follow This, challenged the board about its environmental impact.
He said: “Dear shareholders, get a load of this. The world has pledged to halve emissions by 2030 and your company has no plans to further reduce emissions this decade.”
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