Shell investors should oppose climate resolution, Glass Lewis says
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FILE PHOTO: Shell logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
By Ron Bousso
LONDON (Reuters) -Shell shareholders should vote against a resolution filed by a group of 27 investors urging the energy company to set tighter climate targets, proxy advisory Glass Lewis recommended on Thursday.
Led by activist shareholder Follow This and backed by shareholders holding around 5% in Shell, the resolution faces a vote at Shell's annual general meeting on May 23.
It urges Shell to align its medium-term carbon emissions reduction targets with the Paris Climate Agreement, including emissions from fuels burned by consumers, known as Scope 3 emissions.
"We do not believe that adoption of this proposal would benefit the Company or its shareholders at this time," Glass Lewis said, citing Shell's greenhouse gas emission reduction goals and disclosure on its actions.
It said it saw "insufficient evidence that would lead us to believe (Shell) is significantly lagging its peers".
Shell's board also urged investors to vote against the resolution.
A similar resolution last year won 19.3% investor support.
In March, Shell weakened a 2030 carbon reduction target and scrapped a 2035 objective, citing expectations for strong gas demand and uncertainty in the energy transition. It stuck to a plan to cut emissions to net zero by 2050.
The 27 investors backing the latest resolution in a letter sent on Thursday urged others to support it.
"Without increasing votes, Shell will not reduce emissions in this crucial decade," it said in the letter seen by Reuters.
"This resolution is not only about the imperative of addressing climate change, but also about preserving investors’ financial bottom line and upholding their fiduciary responsibility to their beneficiaries."
(Reporting by Ron Bousso; editing by Mark Potter and Jason Neely)
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