Reuters | Shell shareholders knocked back a climate activist resolution at Tuesday’s annual general meeting, in a resounding show of support for CEO Wael Sawan and Chairman Andrew Mackenzie.
The climate resolution, which received only around 13% support, would have required Shell to disclose how its strategy would perform under scenarios of declining demand for oil and gas. The resolution, which needed 75% support to pass, was tabled by activist shareholder group Follow This and 21 institutional investors representing $1.2 trillion in assets.
Shell’s decision to allow shareholders to vote on the resolution stood in contrast to its rival BP, whose board decided not to include the Follow This resolution on its AGM agenda last month. That prompted some of BP shareholders and influential proxy adviser groups to support votes against the board’s wishes.
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