IPE | Swedish pension fund AP4 has stated its disagreement with advice from proxy advisers Glass Lewis and Institutional Shareholder Services (ISS) that shareholders should vote against the institutional investor-backed Follow This resolution on Shell’s approach to emissions targets and reporting.
AP4 is one of the co-filers of the shareholder resolution at Shell, which has urged investors to vote against the proposal at its annual general meeting (AGM) on Tuesday, 21 May.
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Follow This said Glass Lewis and ISS were stalling climate action by big oil companies.
The Dutch NGO went on to say that while the “Big Two” have huge influence on shareholder voting results at oil majors, their advice is inconsistent and their influence on climate voting is waning.
It singled out ISS’s advice on its Shell resolution this year as “outright illogical”, saying the advice it had seen contained many compelling arguments to vote for the climate resolution, but was for a No vote.
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Mark van Baal, the founder of Follow This, said: “Why would investors pay for advice that you can get for free from an oil major?”
