In the news: ‘Shareholder rights are collateral damage’
Say on Climate news from Reuters, Bloomberg, Euronews and more
From the latest on shareholder rights at oil and gas major AGMs to executive remuneration at LEGO, read the latest news on Say on Climate.
TotalEnergies investors back CEO at AGM, weaker support for climate strategy
Reuters, 24th May 2024
Reuters reports that shareholders in TotalEnergies largely supported the company’s strategy and CEO Patrick Pouyanne, although support has waned due to climate change concerns. The sustainability report was approved by 79.7% of shareholders, down from 88.8% last year. Pouyanne was reappointed for another three-year term with over 75% support. Activists, including Greenpeace and Extinction Rebellion, protested the AGM, criticising the company’s insufficient climate response and ongoing fossil fuel projects.
Exxon Feels the Heat as More Investors Assail Climate Conduct
Bloomberg, 15th May 2024
ExxonMobil faces criticism from environment-focused investors for failing its climate commitments, particularly at its May 29th shareholders’ meeting. Activist groups Arjuna Capital and Follow This are suing Exxon, while the California Public Employees’ Retirement System and Majority Action urged shareholders to vote against CEO Darren Woods and other directors. Critics argue Exxon’s environmental record and lawsuit efforts undermine shareholder rights.
Is LEGO Group Right to Link Exec Bonuses to Sustainability?
Sustainability Magazine, 18th May 2024
Starting in 2024, LEGO Group will link part of executive bonuses to sustainability goals, focusing on reducing annual emissions, reports Sustainability Magazine. The company aims to cut emissions by 37% by 2032 and reach net-zero by 2050. A new KPI will track carbon intensity by comparing emissions with production. LEGO plans to boost energy efficiency, use more renewable energy, build sustainable infrastructure, and collaborate with suppliers to reduce greenhouse gas emissions.
More than 20% of Shareholders Vote against Shell’s Climate Strategy at Tense AGM
Euronews, 22nd May 2024
At Shell’s AGM, over 20% of shareholders opposed the oil and gas giant’s current climate strategy, while 18.6% supported a resolution by Follow This to align with Paris Agreement targets. Protests, which included activists from Extinction Rebellion and Fossil Free London, disrupted the meeting, criticising Shell’s climate record and alleged actions in Nigeria’s Niger Delta. The company had recently weakened its 2030 carbon reduction targets, citing strong demand for gas and a focus on profitable oil and gas operations. Shell’s CEO Wael Sawan urged shareholders to vote against the climate resolution, claiming it was detrimental to the environment, customers, shareholders, and governance.
Major Banks Tried to Assess their Climate Risk. They Struggled.
E&E News by Politico, 20th May 2024
A Federal Reserve test found that major banks can’t reliably assess their climate risks due to inappropriate methods and a lack of detailed data. Banks, including JPMorgan Chase and Bank of America, struggled with hypothetical climate scenarios. The Federal Reserve emphasised the need for improved climate data and assessment techniques. Banks plan to enhance risk analysis processes despite these challenges and invest in better data and tools.
More news for those interested in Say on Climate
- Climate Action 100+ — Rio Tinto commit to enhanced Scope 3 disclosures
- Bloomberg — US lawmakers condemn oil industry’s ‘deception’ on climate action
- The Guardian — Economic damage from climate change six times worse than thought – report
- Green Biz — Investors push for more disclosure on corporate lobbying
- Canada’s National Observer — Fossil fuel firms force governments to compensate them, former UN leader says
- IIGCC — Net Zero Engagement Initiative to expand company list in year two
- JD Supra — Every business should pay attention to climate-related rule disclosures: here’s why
- Reuters — Equinor AGM rejects resolution to align strategy with its climate goals
- The Globe and Mail — Norway’s sovereign wealth fund to oppose Exxon director over shareholder lawsuit
- News24 — Climate activists stage protests ahead of TotalEnergies shareholder meeting
- Reuters — US Republican states support Exxon in shareholder activism dispute
- Quartz — ExxonMobil lawsuit angers Norway’s sovereign wealth fund
- Yahoo News — TotalEnergies says seeking new oil fields, defying protests
- Sierra Club — Shareholders continue to push for better disclosures at JPMorgan Chase and Morgan Stanley AGMs
- The Times — Shell faces shareholder revolt over climate strategy