Guardian | Norway’s state investment fund has urged Shell to clarify its climate targets as the oil group braces for its biggest ever green shareholder rebellion at next week’s annual general meeting.
Norges Bank Investment Management (NBIM), which manages $1.6tn on behalf of the people of Norway and is one of Shell’s largest investors, urged the company to give investors more information about its plans for the next decade after its new chief executive watered down climate commitments earlier this year.
Shell’s board will on Tuesday face a shareholder resolution backed by 27 of its investors – holding 2.5% of its shares – calling for the company to align its business plans with the Paris climate agreement.
The push, which has been coordinated by the Dutch campaign group Follow This, is understood to be the largest such climate rebellion mounted against Shell’s directors in terms of the size of the funds involved.
[…]
Mark van Baal, the founder of Follow This, said NBIM’s decision to vote against the campaign’s climate resolution “puts its climate credibility into question” and could delay Shell’s climate progress.
“Why should Shell do more than just talk about climate if one of its biggest shareholders only talks and refuses to do the bare minimum, which is to vote for a climate resolution filed by 27 of its peers,” Van Baal said.
