“Are we the last generation shareholders?” asked Mark van Baal at the beginning of his speech.
Today 6.2 percent (representing 6.3 billion euros) of the shareholders voted for the green Shell resolution of Follow This. This resolution asks Shell to commit to the Paris climate agreement. In comparison to last year, this number has doubled (last year 2,7 % voted for the resolution).
“We are happy that the support has doubled, but we expected that more shareholders would vote with their investment policies in mind and would vote for as a result. Our resolution asks Shell to set goals in line with the Paris climate agreement. This is exactly what many investors stress in their investment policies.”
Several big Dutch pension funds and asset investment funds ACTIAM, Blue Sky Group and MN voted for the resolution. 5.1 percent of the shareholders gave an important signal by abstaining from the vote. Institutional investors like PGGM, Nationale Nederlanden and Aegon abstained to give a strong signal to Shell that they are inadequately contributing to reach the climate goals of Paris ABP and Robeco voted against the resolution.
“What is most important is that sustainable energy stays on the agenda of Shell and doesn’t leave until the energy transition is completed.”
The most important reason Shell advised shareholders to vote against, was that the emissions of Shell’s products (in jargon scope 3; fossil fuels, the core activity of Shell) do not fall in Shell’s scope of management. “According to the Paris climate agreement the world has to move towards a net-zero-emission energy system. Shell can make a significant contribution to this, seeing Shell is a supporter of the Paris climate agreement. We ask Shell to become a main player in this instead of an supporter.”
You can download pictures of the AGM here.