Reuters | Shell urged shareholders to vote against an independent resolution, co-filed by a group of 27 investors, urging the energy company to set tighter climate targets.
The resolution, the biggest such drive to date in terms of the size of the participants, is led by activist shareholder Follow This and will be voted on at Shell’s annual general meeting on May 21.
[…]
The resolution, filed by a group of investors with around $4 trillion under management, urges Shell to align its medium-term carbon reduction targets with the Paris Climate Agreement, including emissions from fuels burnt by Shell’s consumers.
Shell said the resolution, if approved, “would have a material negative financial impact on the company and its ambition to be the investment case through the energy transition.”
On balance, Shell added, the resolution would have “a negative impact on the climate.”
Follow This founder Mark van Baal said that “Shell’s rejection of this fair ask by 27 of its largest investors demonstrates the company’s intention to stay on collision course with the Paris Climate Agreement.”
