Shell Investors Back Weaker Emissions Targets at Meeting
- Almost 80% of votes in favor of new energy transition plan
- Resolution urging tougher climate measures got almost 20%
A cyclist passes oil silos at a Shell Plc refinery in Rotterdam, Netherlands.
Photographer: Peter Boer/BloombergThis article is for subscribers only.
Shell Plc shareholders approved the company’s new energy transition plan with weaker carbon-emissions targets, while rejecting a resolution asking the oil and gas giant to align itself with the goals of the Paris Climate Agreement.
Shell’s updated energy transition strategy got the backing of 78% of shareholders at the company’s annual general meeting on Tuesday. Only 19% voted for the climate resolution, filed by activist shareholder Follow This and 27 investors — including Amundi SA, Europe’s largest asset manager — that jointly manage funds worth more than $4 trillion.