Shell shareholders reject climate resolution in disrupted AGM

Shell shareholders have rejected a climate resolution filed by a climate activist group which had urged the company to set tighter climate targets.

The rejection took place at Shell’s AGM earlier this week, which was disrupted by protesters shouting “Shell kills”. It also saw investors vote in favour of the revised energy transition strategy.

Earlier this year, the business diluted its 2030 carbon reduction targets, saying it wanted to focus on its more profitable operations, mainly across its oil and gas operations.

Around 78% of Shell shareholders voted for the group’s revised energy transition strategy, which will see it reduce emissions more slowly than previously planned. 

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Shell investors also rejected a resolution filed by the activist group Follow This and 26 other investors urging the company to set tighter climate targets. 

About 19% of shareholders voted in favour of this resolution.

The two votes will come as a blow to climate campaigners, who are looking to force major companies to implement greener corporate strategies.

CEO Wael Sawan told reporters“I’m pleased that we have seen the Follow This resolution get an even lower share of the votes compared to previous years. That’s a sign of growing trust and confidence in our ability to navigate the energy transition.”

Climate crisisEnergy

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