Apr 16, 2018

Shell urges investors to reject activists’ AGM motion on emissions

Royal Dutch Shell has urged shareholders to reject a resolution from activist investors that would tie the Anglo-Dutch energy group to firm targets for cutting carbon emissions from its products, even as it reiterated its commitment to fighting climate change. Ben van Beurden, Shell chief executive, promised to "Show leadership" in the shift towards a lower-carbon energy system but said the group could only move as fast as society allowed. Shell confirmed on Monday that the resolution would be considered at its annual meeting on May 22, but urged shareholders to vote against it on the basis that it would "Tie the hands" of Shell management to a "Rigid and narrow" approach. In their separate announcements on Monday, Shell and BP both sought to stress the importance of government policy and consumer behaviour in setting the pace of the transition towards cleaner energy. The BP targets appeared more modest than the "Ambition" announced by Shell last year to halve its carbon footprint, including emissions from use of its products, by 2050.

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