Shell investor RWC to support alternate climate proposal at upcoming AGM
- Royal Dutch Shell (RDS.A, RDS.B) investor RWC says it will vote against the company’s energy transition plan at next week’s annual general meeting and instead will support a rival climate-related resolution filed by activist group Follow This.
- Shell’s plan is “not ambitious enough, unsatisfactory in its detail and does not put the company on a path to alignment with the Paris Agreement within this decade,” RWC says.
- The investment firm’s move follows recent support for the Follow This climate resolution from the U.K.’s Local Authority Pension Fund Forum, as well as rising support for Follow This proposals at other oil majors including BP.
- RWC says it held ~15M shares in Shell as of May 4.
- While the result will be non-binding, Shell would become the first major oil company to give investors a chance to vote on its energy transition strategy.
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