An activist group said it has withdrawn a shareholder resolution calling on Royal Dutch Shell to change its climate policy after the oil andgas company reached a broad agreement with investors on the issue.
The Anglo-Dutch energy company drew rare praise from investors and environmental activists in December when it set out plans to introduce industry-leading targets to reduce greenhouse gas emissions and link them to executive pay.
Nevertheless, Dutch activist group Follow This tabled several days later a resolution urging Shell to drastically reduce its spending on fossil fuel.
Shell's board opposed the resolution, which was to be voted on at the annual general meeting in The Hague in May.
Following talks with six of the 10 largest Dutch investors including Aegon and NN Investment Partners, Follow This decided to withdraw the resolution after filing similar motions at the previous three Shell AGMs.
"We have therefore decided to give Shell time to bring that climate ambition into line with the Paris Climate Agreement," Follow This founder Mark van Baal said in a statement.
Follow This said Shell's ambition to halve overall emissions by 2050 needed to be "sharpened" in order to be aligned with the Paris Climate Agreement.
Follow This also targets Shell's rivals BP, Equinor Chevron with shareholder resolutions.
Recommended Reading
Analysts: Callon’s $1.1 Billion A&D Aids Debt Reduction, Investor Returns
2023-05-09 - Callon’s exit from the Eagle Ford Shale will refocus the E&P as a Permian pure-play and should help reduce debt and return capital to investors, analysts say.
Family Behind Stronghold Energy Raises $500MM for Permian Deals
2023-05-31 - After selling Stronghold Energy II to Ring Energy for $465 million last year, Steve and Caleb Weatherl aim to develop another Permian position with their new E&P, Garrison Energy.
Southwestern Energy Plans Oil, NGL Growth as Gas Prices Slump
2023-04-05 - With U.S. natural gas prices down more than 50% from last year, Southwestern Energy is pivoting capital to its liquids-rich footprint in Appalachia.
Aethon’s Screamer Well Joins Comstock’s Deep-Bossier Wildcatting
2023-04-10 - Aethon Energy’s 36.9 MMcf/d Currie #2H north of Houston makes for a third well revealed in the Bossier prospect north of Houston that one longtime Texas wildcatter calls a “big boy play.”
Citizen Energy's Case for the Midcontinent
2023-05-25 - In the shadow of the Permian Basin, Citizen Energy, an Oklahoma company busy in the Anadarko Basin, portrayed itself as a “great target” at SUPER DUG.