Posts under ‘Andrew Mackenzie’

Posted 24 May 2023 by John Donovan

The activists stormed the meeting, shouting “Shut down Shell” as if their pleas for environmental responsibility could penetrate the thick walls of corporate greed.

Shell miraculously survives yet another feeble revolt from shareholders concerned about its “green strategy” and decides to continue its legacy of environmental destruction. As if that wasn’t enough, climate change protesters daringly stormed Shell’s annual meeting, disturbing the tranquil gathering of oil enthusiasts. read more

Posted by John Donovan

The 2023 Shell Plc AGM has been disrupted by repeated interventions by a succession of activists all repeating the refrain “SHUT DOWN SHELL”.

Shell chair Sir Andrew Mackenzie appears to be  fighting a losing battle to move on with the meeting…

Shell Chairman Andrew Mackenzie struggled to kick off the energy behemoth’s annual general shareholder meeting on Tuesday, thanks to those pesky climate activists who just couldn’t resist making a scene. They sang, they shouted, and they were eventually dragged away one by one by security personnel. Ah, such fond memories of last year’s meeting, which was also marred by these annoying interruptions, causing a delightful three-hour delay. read more

Shell faces shareholder revolt over their laughably ‘inadequate’ climate change goals

Posted by John Donovan: 20 May 2023

Shell is bracing itself for an agonizing annual meeting next week, where it will attempt to juggle the demands for profits with the bothersome calls to address the climate crisis more forcefully.

Shell, that paragon of environmental stewardship, has drawn criticism for its outrageous earnings “bonanza” resulting from the skyrocketing oil and gas prices following Russia’s invasion of Ukraine.  read more

Posted by John Donovan:

19 May 2023

Shell, the paragon of corporate responsibility, finds itself in the midst of an investor rebellion because of baseless claims that it is scaling back its bold plans to achieve net zero targets.

The noble Universities Superannuation Scheme (USS), Britain’s preeminent private pension fund, has vowed to vote against the re-election of the illustrious Sir Andrew Mackenzie as chairman. Why, you may ask? Well, apparently the audacious accusation is that Shell is not doing enough to reduce its carbon footprint. How dare they besmirch Shell’s good name? read more

By John Donovan

In an audacious display of corporate arrogance, oil behemoth Shell is embroiled in a showdown with the Church of England (CofE). Accused of reneging on its commitments to a greener future, Shell has drawn the ire of the Church, whose pension board is set to vote against the company’s chief executive, Wael Sawan, and chairman, Sir Andrew MacKenzie, at an upcoming shareholder meeting.

Despite the global urgency to combat climate change, Shell continues to prioritize its short-term profits over the long-term health of the planet. The energy giant, far from being a responsible corporate citizen, has been exploiting the Ukraine crisis to bolster its fossil fuel profits, while shamelessly backpedalling on promises to transition to clean energy. read more

Proxy adviser PIRC recommends vote against Shell’s chair, annual report

May 9 (Reuters) – Proxy adviser PIRC on Tuesday recommended Shell Plc’s (SHEL.L) investors vote against the energy company’s chair and opposed its annual report for “failing to address climate risks by setting adequate targets.

PIRC said it, instead, recommended shareholders vote in favour of a climate activist group’s proposal seeking faster emissions cuts.

Shell, on the other hand, has recommended its shareholders vote against the proposal by the Follow This activist shareholder group that asks the energy giant to align with the 2015 Paris climate deal. read more

The Telegraph

Why the Church of England is taking on Shell

Short-term profits cannot come before the long-term health of our planet

ADAM MATTHEWS9 May 2023 • 6:00am

The oil and gas industry in Europe is at a crossroads.

The decisions the sector makes on where to allocate capital could make or break our collective efforts to limit global warming to 1.5°C, with massive implications for the economy, for communities and in particular the poorest and most vulnerable on the planet.

The recent announcements by BP that it is weakening its climate targets, and the none too subtle hints from Shell being read by the market that it is likely to do something similar, signals that the lure of short-term profit maximisation is trumping the long-term sustainability of these companies and of our planet.

A disorderly climate transition caused by delayed action will not only miss the goals of the Paris climate agreement but directly work against the financial interests of pension funds and other long-term investors and their beneficiaries. read more

The Telegraph

Church of England attacks Shell chief in row over green targets

The clergy’s pension fund will vote to oust Wael Sawan after accusing him of backtracking on climate commitments

By Matt Oliver: 9 May 2023 • 6:00am

The Church of England is pushing to oust the chief executive of Shell following a row over green investments.

The clergy’s Pension Board is preparing to vote to oust Wael Sawan and chairman Sir Andrew Mackenzie at Shell’s upcoming shareholder meeting later this month.

It comes amid claims that the oil and gas giant has backtracked on net zero commitments.

The pension board, which manages the clergy’s £3bn retirement pot, is concerned that London-listed Shell has rowed back on promises to switch to clean power after the Ukraine war sent oil and gas prices soaring. read more

REUTERS

Breakingviews: Shell’s next boss looks a shoo-in

LONDON, Sept 2 (Reuters Breakingviews) – Shell (SHEL.L) is about to get a new boss. Chief Executive Ben van Beurden, who has been in situ since the start of 2014, is likely to step down from the $192 billion oil giant next year, Reuters has reported read more . Plenty of credible candidates exist to replace him, but one looks the most obvious.

Despite battling with two major oil price slumps and an unprecedented 66% cut to Shell’s dividend in April 2020, Van Beurden’s track record looks acceptable. Since Jan. 1 2014, when he took over, Shell shares have returned 67%… He also pulled off the $70 billion purchase of BG Group in 2016, which made it a leading force in liquefied natural gas (LNG). read more

REUTERS Exclusive-Shell’s CEO van Beurden prepares to step down next year -sources

By Ron Bousso

LONDON (Reuters) – Shell has shortlisted four candidates to succeed Chief Executive Ben van Beurden who is preparing to step down next year after nearly a decade at the helm of the giant energy firm, two company sources told Reuters.

During his tenure van Beurden oversaw Shell’s biggest acquisition in decades and steered the company through two major downturns and a pivotal move to slash greenhouse emissions – a task which will only grow in importance for his successor. read more