Shell faces shareholder rebellion over climate activist resolution

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

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

Published by

16 Jan 2024

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.

Diandra Soobiah, the head of responsible investment at Nest, said: “We urge Shell to set a credible scope 3 absolute emissions target. This would demonstrate leadership, show Shell is serious about transitioning its business, and play a role in generating real world change.”

“Scope