Wednesday, February 28

Shareholders of Oil Companies Vote Again on Climate Resolutions

Shareholders of major oil companies will vote again this week on the climate resolutions that have been put on the agenda of the shareholders’ meeting.


Activist shareholder Follow This reports that its climate resolutions this week are at least on the agendas of Shell’s annual meetings on Tuesday and ExxonMobil and Chevron on Wednesday. TotalEnergies would have refused to put the motion on the agenda.

Follow This notices that support for the climate plans seems to be levelling off somewhat. This is mainly due to the energy crisis caused by the war in Ukraine, which is pushing climate action to the longer term. The resolution recently voted by BP had less support than a similar resolution a year earlier. Follow This fears that this may also be the case with other concerns. Even though none of the oil companies has plans to reduce emissions in line with the Paris climate agreement, according to the activist shareholder.

In recent years, the resolutions have gained support. At Shell, 30 percent of shareholders voted in favour of the motion last year. That was 14 percent a year earlier. In 2016 it was less than 3 percent. According to Follow This, major Dutch shareholders will stick to the climate agreement this year and thus vote in favour of the resolution.

Shell previously advised its shareholders to vote against the Follow This motion. The oil group says it has set ambitious goals that are in line with the Paris 1.5-degree target. In Shell’s strategy, the transition to more sustainable energy takes place in a controlled manner, partly because gas and oil are still needed. Shell has its own climate resolution for this that is submitted to the shareholders.

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