A climate resolution filed by activist group Follow This has been rejected by Shell shareholders at an annual general meeting held in London today (21st May), in support of the board.
Despite being rejected by a strong majority of shareholders, more than a fifth of shareholders cast votes against Shell’s climate strategy.
The oil and gas giant reported that 21.8% of shareholder votes opposed the current strategy, while 18.6% of votes supported a resolution from the Dutch activist group, urging the board to align decarbonisation targets with the Paris Agreement.
However, despite a record 27 institutional investors co-filing the resolution, the result came as a drop from 20.2% in 2023.
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