Climate-focused investors are seeking to ramp up pressure on Shell at its annual meeting Tuesday, after an extraordinary run of record profits.
Sopa Images | Lightrocket | Getty Images's annual general meeting Tuesday looks set to be an acrimonious one, with climate-focused investors seeking to ramp up pressure on the energy major after an extraordinary run of record profits.
For the first time, Dutch pension managers MN and PGGM — both Shell shareholders — have endorsed the resolution. The institutional investors lead engagement with Shell on behalf of the world's largest climate-focused investor group Climate Action 100+, which represents $68 trillion in assets. "We strongly disagree with the Follow This resolution and with those organisations which have recommended supporting it, or voting against Board members. There must be an emphasis on changing the use of energy as much as its supply, and this is reflected in our approach," a spokesperson for Shell said in a statement.
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