‘The time is over for oily corporations to operate with impunity.’
A group of 27 investors, owning around 5 percent of Shell’s shares, is demanding the multinational improves its environmental targets. The resolution is the biggest such drive to date and was coordinated by the activist group Follow This.
Similar motions have been organised by the group at Shell meetings since 2016. Last year, a resolution put forward by Follow This won the backing of 20 percent of shareholders in what was an eventful AGM where protesters tried to storm the stage.
However, support for the upcoming resolution has drawn the largest number of investment managers, said Mark van Baal, founder of Follow This. It includes Europe’s largest asset manager, Amundi.
The group calls on Shell to align its ‘medium term’ greenhouse gas emission target with the Paris Agreement, to limit global warming. The resolution will be brought to a vote at Shell’s annual general meeting later this year.
The bid to shore up pressure on Shell’s climate commitments comes as its CEO, Wael Sawan, aims to boost the company’s profits, partly by increasing fossil fuel production and slowing down investments in renewables. In October 2023, Shell announced it was to cut at least 15 percent of its low-carbon solutions division workforce and scale back on its hydrogen business.
…