Shell reported adjusted earnings of $39.9 billion for the full-year 2022.
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LONDON — British oil giant Shell’s annual general meeting Tuesday looks set to be an acrimonious one, with climate-focused investors seeking to ramp up pressure on the energy major after an extraordinary run of record profits.
Follow This, a small Dutch activist investor and campaign group with stakes in several Big Oil companies, has tabled a resolution at Shell’s shareholder meeting. The meeting will be held online and in-person at the ExCel London exhibition center from 10 a.m. U.K. time.
Climate Resolution 26 calls on Shell to align its climate targets with the landmark Paris Agreement and commit to absolute carbon emissions cuts by 2030. These cuts, Follow This says, should include emissions generated by customers’ use of their oil and gas, known as Scope 3 emissions.
It echoes a 2021 ruling by a Dutch court that Shell should reduce its global carbon emissions by 45% by the end of the decade, which the company has appealed.
For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The institutional investors lead engagement with Shell on behalf of the world’s largest climate-focused investor group Climate Action 100+, which represents $68 trillion in assets.
It comes as investors increasingly see a warming planet as a growing risk to their portfolios. The burning of fossil fuels, such as oil, gas and coal, is the chief driver of the climate crisis.
Meanwhile, the Church of England Pensions Board, Britain’s Local Authorities Pensions Funds Forum, the the U.K.’s National Employment Savings Trust, and shareholder adviser PIRC have said they will either vote against or recommend a vote against the re-appointment of Shell Chairman Andrew Mackenzie.
Adam Matthews, chief responsible investment officer at the Church of England Pensions Board, reportedly said earlier this month that it had “lost…
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