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Shell Shareholders Reject Activist Climate Resolution: Details - Shell (NYSE:SHEL)

Summary by Benzinga
Shell PLC (NYSE:SHEL) shareholders rejected a climate resolution by activist group Follow This, which aimed to align Shell's carbon targets with the Paris Agreement. Supported by investors managing $4 trillion, the proposal received 18.6% backing, down from last year's 20%. CEO Wael Sawan viewed the result as a vote of confidence in Shell's energy transition strategy, despite ongoing scrutiny and a significant legal challenge from a 2021 Dutch c…

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Shareholders in British energy company Shell on Tuesday at its annual general meeting rejected an appeal by a group of investors who urged the firm in a resolution to re-tighten its climate targets. In March, Wael Sawan eased the carbon reduction target the company had set by 2030. Reuters reported.

Activist shareholder Follow This's climate proposal to force Shell to take more action against CO2 emissions received less support at the company's shareholders' meeting this year. This year, 27 institutional investors submitted the proposal for the first time with the organization founded by Mark van Baal, but this did not provide more support.

·Apeldoorn, Netherlands
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rd.nl broke the news in Apeldoorn, Netherlands on Tuesday, May 21, 2024.
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