Wednesday 23 May 2018

Shell investors call for more action on climate change at AGM

Shell investors have maintained pressure regarding the energy giant's climate change credentials at its Annual General Meeting (AGM).

Although CEO Ben van Beurden’s £7.8 million pay package for 2017 was approved, more than a quarter of shareholders voted against the firm’s remuneration report.

Shareholder adviser Institutional Shareholder Services (ISS) had urged investors to reject the pay award following the company’s performance on green targets and a fatal oil tanker accident in Pakistan.

Around half of the questions asked during the four-hour meeting were related to climate change.

However, the company defeated a resolution backed by 5.54% of shareholders calling for it to set tougher emissions targets in line with the Paris Agreement.

A spokesperson for the company said: "Shell is committed to playing its part and with the clear and ongoing support of our shareholders, we will continue to take sensible steps to help tackle climate change and ensure we thrive through the energy transition."