The end of an era for Follow This’s climate campaign
Reuters | Climate activist shareholder group Follow This said on Thursday a lack of investor appetite has forced it to suspend its nearly decade-long campaign seeking stronger commitments from major oil and gas producers to emission cuts.
The Dutch group started filing climate resolutions at shareholder meetings in 2016, reaching shareholder support in subsequent years of 80% at Phillips 66, 60% at Chevron, around a third at Exxon and Shell and a fifth at BP.
[…]BP, Shell and Equinor, among other companies, have rolled back their energy transition ambitions in recent months.
“Institutional investors are reluctant to use their voting power,” Follow This founder Mark van Baal said.
[…]“Follow This talks with supportive investors about reassessing strategies and addressing these barriers, exploring what is preventing other investors… from casting their votes, despite their stated commitments,” van Baal said.
