\nShell has faced a significant shareholder rebellion on a vote calling for the oil company to set firm targets to wind down fossil fuel production.\u00a0 A shareholder resolution calling for the Anglo-Dutch company to set binding carbon emissions reduction targets received 30% of votes at the oil company\u2019s annual meeting on Tuesday.<\/p>\n
The result represents an escalation of the pressure on Shell to commit to meaningful decarbonisation, after a similar resolution last year received 14% of votes.<\/p>\n
The Shell rebellion sailed past the 20% threshold that means the oil company will be forced to consult shareholders and report on their views within six months, under the UK corporate governance code.<\/p>\n
The resolution was put forward by Follow This, a campaign group that uses activist investment to put pressure on oil companies into decarbonising in line with the limits set by the 2015 Paris climate agreement.<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n
26 May 2021 “ExxonMobil and Chevron suffer shareholder rebellions over climate<\/strong>” The Guardian<\/em>.<\/p>\n
Exxon loses two board seats to activist hedge fund.<\/p>\n
Exxon failed to defend its board against a coup launched by dissident hedge fund activists at Engine No. 1 which successfully replaced two Exxon board members with its own candidates to help drive the oil company towards a greener strategy.<\/p>\n
Meanwhile, a majority of Chevron shareholders rebelled against the company\u2019s board by voting 61% in favour of an activist proposal from \u2013 Dutch campaign group Follow This \u2013 to force the group to cut its carbon emissions.<\/p>\n
Mark van Baal, who founded Follow This, said Wednesday\u2019s shareholder revolts mark an investor \u201cparadigm shift\u201d and a \u201cvictory in the fight against climate change\u201d.<\/p><\/blockquote>\n
3 Jun 2021 “Activist fund expected to win third seat on ExxonMobil board<\/strong>” The Guardian<\/em>.<\/p>\n
ExxonMobil expects to lose a third board seat to an activist hedge fund, Engine No 1, adding to the pressure on one of the world\u2019s largest oil companies to introduce a more effective climate transition plan.<\/p><\/blockquote>\n
CarbonDirect<\/a>, LowCarbon<\/a> and Morgan Stanley<\/a> are examples of companies who have decided that actively investing in carbon reduction industries is more profitable than in the oil and gas extraction industries.<\/p>\n
Green shareholders change the world!\u00a0 Follow This<\/a> is a campaigning organisation set up “to change oil companies from within \u2013 as shareholders. Follow This unites responsible shareholders to push Big Oil to go green.<\/em>”\u00a0 Also:<\/p>\n
The Follow This Online Symposium 2021, which took place on April 21, brought together investors, the oil and gas industry, academics, and media to discuss how investors can support oil and gas companies to take a leading role in tackling climate change.<\/p><\/blockquote>\n
This may be relevant for the peace movement worldwide.\u00a0 By adopting the same approach, it may be possible to move funds away from the arms industry.\u00a0 More likely is that the arms industry will start to develop conflict transformation programmes so as to claim they are ethical too.<\/p>\n
Perhaps this is something the peace sector should mobilise toward: all advising their members and supporters to move their current accounts, savings, investments and pensions to ethical providers.\u00a0 It is something we can all unite behind: a common message with a common purpose.\u00a0 One which we can see can work to save the planet – perhaps it can save humanity from war too.<\/p>\n
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The climate change movement has been saying for a few years that a very effective way to achieve their aims is to get people to move their bank accounts and pensions away from mainstream providers to ethical ones instead.\u00a0 This … Continue reading