Shell faces shareholder rebellion over climate activist resolution

(The Guardian, 16 Jan 2024) Investors including UK’s biggest pension scheme agree to back call for oil firm to set bigger emissions targets.

Shell’s board faces a shareholder rebellion as large investors including the UK’s biggest pension scheme prepare to back a climate activist resolution.

Twenty-seven investors have agreed to back a resolution filed by the Dutch shareholder activists at Follow This that calls for the oil company to align its medium-term emissions reduction targets with the 2015 Paris agreement.

The investor coalition together owns about 5% of Shell’s shares and includes the government-backed National Employment Savings Trust (Nest), which manages the pensions of almost a quarter of the UK’s workers.

The resolution has also won the backing of the French asset management firm Amundi, which holds almost €2tn (£1.7tn) in assets, as well as Candriam, Scottish Widows, and Rathbones Group.

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The Guardian, 16 Jan 2024: Shell faces shareholder rebellion over climate activist resolution