Responsible Investor | Follow This and investors secured just over one in five non-government shareholder votes for a proposal led by the Dutch climate NGO at Equinor’s AGM on Tuesday.
The proposal called on the Norwegian state-controlled oil giant to disclose its strategy for creating shareholder value “under scenarios of declining demand for oil and gas”. This should include capex on greenfield and brownfield for oil, gas and other energy sources over at least 10 years, the filing said.
Follow This co-filed the proposal with West Yorkshire Pension Fund, Mercy Investment Services and Ofi Invest Asset Management. CalPERS, Storebrand Asset Management and the New York City police and fire funds were among the investors supporting the proposal.
Mark van Baal, founder of Follow This, said: “Considering that the vast majority of shareholders voted along with the board on all other resolutions, 21 percent support clearly indicates shareholder concern about the company’s long-term resilience.”
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