Follow This Annual Report 2025

ANNUAL REPORT

Performing While Transforming

Publication date

januari 26, 2026

Written by

Follow This

Key takeaways

  • No resolution was filed in 2025; instead, Follow This used the year for investor research and relationship-building, resulting in a new financially-framed resolution strategy for 2026 filed at Shell and BP with 20+ co-filers.
  • A BP chair re-election campaign achieved 24.3% dissent (the highest vote Follow This has driven at BP) after the company backtracked on prior climate commitments.
  • The membership transition converted almost 40% of free members to paying ones, generating roughly €200,000 in new annual recurring revenue and simplifying the org’s legal/share structure.
  • Investor coalition-building for 2026 saw 14 co-filers exit (mostly due to divestment or political caution) offset by 10 new co-filers from the UK, US, France, Switzerland, and Netherlands – net effect: 23 co-filers, close to 2024’s 27.
  • The organization strengthened internally: a new supervisory board, 5 new hires (team of 14), a rebuilt website/CRM, and a first-ever campaign targeting an asset manager (BlackRock).

This report covers a deliberately quiet year on the resolution front, used instead to rebuild Follow This’s foundations.

With no 2025 ballot resolution, the team interviewed 25 investors ($9 trillion AUM) to inform a repositioned strategy: two new disclosure-focused resolutions built on financial materiality rather than emissions targets, filed at Shell and BP for 2026 with 20+ institutional co-filers.

The organization also completed its shift from a free to paid membership model (nearly 4,000 paying members, ~€200k in new recurring revenue), installed a new supervisory board, grew to 14 staff, and ran a campaign at BP’s AGM that drove a record 24.3% vote against the chair.

Exxon sued us in 2024.
BP blockED US IN 2026.
We're not stopping.

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