“first step towards taking action”
31 May 2017 – At the ExxonMobil AGM 62 % of the shareholders voted in favour of a resolution asking the oil company to report on the consequences of climate change for its way of doing business (*). The board of directors advised voting against the resolution.
“Reporting on climate change is only the first step towards taking action,” says Mark van Baal of Follow This, a group of green shareholders in Shell. “Shell, BP, and Statoil promised such climate-related reporting in 2015 after a similar shareholder resolution (#), but Shell now refuses to even commit itself to the Paris Climate Agreement, much less to actually begin to take action.”
At the 2017 Shell shareholders’ meeting (May 23rd), a resolution was presented asking Shell to set goals in line with the Paris Climate Agreement (**). Shell’s board of directors advised shareholders to vote against the resolution. 89% of the shareholders followed this advice, more than 6% (6 billion euro in shares) voted in favour of the green Shell resolution (among them ACTIAM, Blue Sky Group, and MN) and another 5%, (including PGGM, Aegon, and NN), sent a green signal to Shell by abstaining from voting.
Follow This is a movement of green shareholders in Shell that supports Shell to take the lead in energy transition. Follow This does so by gathering shareholders to support the resolution “Shareholders support Shell in taking the lead in energy transition” (complete text via this link).
The green Shell resolution (resolution #21) states in summary: “Shareholders request Shell to set targets aligned with the Paris Climate Agreement.”
(*) Item 12 – Report on Impacts of Climate Change Policies: “Shareholders request that, beginning in 2018, ExxonMobil publish an annual assessment of the long-term portfolio impacts of technological advances and global climate change policies,” submitted by the New York State Common Retirement Fund.
(#) Special resolution – strategic resilience for 2035 and beyond: “we as shareholders of the Company direct that annual reporting will include information relating to climate change,” submitted by a large group of shareholders (2015).
(**) Shareholder resolution#21: “Shareholders support Shell to take leadership in the energy transition to a net-zero-emission energy system. Therefore, shareholders request Shell to set and publish targets for reducing greenhouse gas (GHG) emissions that are aligned with the goal of the Paris Climate Agreement to limit global warming to well below 2°C,” submitted by Follow This.