By REUTERS: PUBLISHED: 15:23, 24 May 2016
By Ron Bousso
THE HAGUE, May 24 (Reuters) – Royal Dutch Shell cannot switch too quickly to producing renewable energy without risking its dividend payments and even its very existence, the oil and gas group’s chief executive warned.
Major investors, including Dutch pension fund PGGM, have criticised Shell’s climate change policy in recent months, saying it should do more to mitigate climate change risks.
However, 97 percent of Shell shareholders at its annual meeting on Tuesday rejected a resolution to invest profits from fossil fuels to become a renewable energy company. The Anglo-Dutch firm had previously said it was against the proposal.