MN, the asset manager of metals processing industry fund PMT, will vote in favour of the climate resolution filed by the activist shareholder group Follow This for Shell’s next annual general meeting (AGM).
In the resolution, Follow This urges Shell to align its medium-term emissions reduction targets covering the greenhouse gas emissions of the use of its energy products (Scope 3) with the Paris Agreement.
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MN is the lead investor for the oil and gas industry at investor engagement collective Climate Action 100+. As such, it would be “logical” for other Climate Action 100+ members to also vote in favour of the Follow This resolution, according to the shareholder group’s director Mark van Baal.
“If asset managers want large emitters to reduce their carbon footprint, they should follow their lead investor,” noted Van Baal, who added that the organisation’s more ambitious ‘phase two’ approach that focuses on concrete action towards decarbonisation should also result in more votes in favour.
Shell’s AGM, where the Follow This resolution will be brought to a vote, will take place on 21 May in London.
