Climate warning

Grace Njeri

2 w

ISS World

Climate warning

ISS advises Shell shareholders to vote against climate activist resolution

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Shell (SHEL.L) shareholders should vote against a climate activist resolution seeking faster emissions cuts, proxy advisory firm Institutional Shareholder Services (ISS) said on Saturday, while acknowledging the merits of the proposal.
Shell investors will vote at an annual general meeting on May 23 on a resolution filed by the Follow This activist shareholder group which asks the energy giant to align with the 2015 Paris climate deal.
Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030, from 2019 levels, to have any hope of meeting the Paris Agreement goal of keeping global warming well below 2C above pre-industrial levels.
Shell aims to cut the intensity of planet-warming gases across its portfolio and the use of its products by 20% by 2030 and 100% by 2050. It has ruled out setting absolute emissions cuts targets, including the combustion of its products.
Measuring emissions by intensity means a company can technically increase its fossil fuel output and overall emissions while using offsets or adding renewable energy or biofuels to its product mix.
Shell has recommended its shareholders vote against the Follow This proposal.
ISS, whose recommendations steer many investors' voting, said Follow This's "argument that intensity metrics are not a substitute for absolute metrics is entirely valid" and is echoed by ISS analysis.
It said the merits of the activist resolution are "fully accepted" but if adopted it would "represent a change in strategy from the one that Shell has adopted" which is why ISS recommends a vote against it.
At Shell's 2022 shareholder meeting, Follow This received 20% of votes, down from 30% the previous year.
In 2021, a Dutch court ruling, still in appeal, told Shell to reduce greenhouse gas emissions in absolute terms by 45% by 2030 across the entire lifecycle of its hydrocarbons.

Do you agree?

136 more agrees trigger scaled up advertising

  • winnie nguru

    2 w

    Shell should be ashamed and right their wrongs ASAP

    • mercy nduta

      2 w

      Shell is one of the disgusting company have come across.

      • Rukia Ahmed Abdi

        2 w


        • Harrison wambui

          2 w

          Action to them should be taken

          • We Don't Have Time

            2 w

            Dear Grace Njeri Thank you for getting your climate warning to level 2! We have reached out to ISS World and requested a response. I will keep you updated on any progress! /Adam We Don't Have Time

            • Daniel Waweru

              2 w

              This is a dissapointment

              • Edwin wangombe

                2 w

                Shame on them

                • Munene Mugambi

                  2 w

                  Shows ISS is only concerned with maximizing profits at the expense of everything

                  • ance Star

                    2 w

                    Shell company must be warned thoroughly

                    • rosebellendiritu

                      2 w

                      @ance_star and the warnings should yield results

                      • Jane Wangui

                        2 w

                        @ance_star they should lead by example

                      • Joseph Githinji

                        2 w

                        SHELL should be ashamed of this acts, this is pulling climate action behind

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