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Total chaos at Shell’s AGM as 70+ activists bring meeting to complete standstill, chairman McKenzie unable to restore order

CITYA.M.

Total chaos at Shell’s AGM as 70+ activists bring meeting to complete standstill, chairman McKenzie unable to restore order

Reports are coming in that about 70 people have taken over Shell’s AGM and brough the meeting to a complete standstill.

Shell Chairman Sir Andrew McKenzie was forced to halt the meeting, taking place in London this morning. He is currently sitting behind his desk on stage with no action taken.

Numerous activists are accusing Shell’s board and shareholders of “ignoring the United Nations” and “ignoring ordinary people”.

McKenzie is trying to restore order, without success so far. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Plc Chairman Sir Andrew Mackenzie calls in police to quell shareholder rebellion at AGM 

24 May 2022: 10.22

Shell Plc Chairman Sir Andrew Mackenzie calls in the police to quell shareholder rebellion at AGM 

Sir Andrew asks the police to “come in and settle the meeting down so we can continue with proceedings.” 

In the meantime, the meeting is halted. 

Protestors chant that “SHELL MUST FALL” 

THE MEETING OFFICIALLY PAUSED AT 10.35 am. 

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell Climate Case to Return to Focus at Annual Shareholder Meeting

Bloomberg

Shell Climate Case to Return to Focus at Annual Shareholder Meeting

Laura HurstBloomberg News

(Bloomberg) — Climate issues are set to take center stage at Shell Plc’s annual general meeting on Tuesday, with a key group saying the energy giant isn’t abiding by a landmark court order requiring it to cut emissions by 45% by 2030.  

Milieudefensie, the Dutch arm of Friends of the Earth, says Shell’s plans around customer-related emissions — which make up the bulk of its pollution — aren’t in line with last year’s judgment. The group originally brought the case against the company.

“The judge’s verdict is clear and necessary: Shell must stop causing dangerous climate change,” said campaign spokesperson Nine de Pater, who plans to attend the meeting in London as a proxy shareholder.  read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Contractor resigns from Shell with warning to staff about ‘extreme harm’ to planet

skynews

They’re ignoring all the alarms’: Contractor resigns from Shell with warning to staff about ‘extreme harm’ to planet

Caroline Dennett told Sky News that working for Shell was no longer morally compatible with her beliefs about how best to protect the planet and the people who live on it.

: Climate change correspondent : Monday 23 May 2022 15:44, UK

A safety consultant who spent more than a decade working as a contractor for Shell has publicly resigned, claiming the oil and gas company is causing “extreme harm” to the planet. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell consultant quits, accusing firm of ‘extreme harms’ to environment

The Guardian

Shell consultant quits, accusing firm of ‘extreme harms’ to environment

Alex Lawson Energy correspondent: Mon 23 May 2022 13.09 BST

A senior safety consultant has quit working with Shell after 11 years, accusing the fossil fuel producer in a bombshell public video of causing “extreme harms” to the environment.

Caroline Dennett claimed Shell had a “disregard for climate change risks” and urged others in the oil and gas industry to “walk away while there’s still time”. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

SHELL URGED TO DROP APPEAL AGAINST ORDER TO SLASH EMISSIONS

FT

Odey urges Shell to drop appeal against order to slash emissions

 in London

Odey Asset Management has called on Shell to drop its appeal against a landmark Dutch court ruling targeting its climate strategy and instead to fund an independent body to audit the emissions of every oil and gas company. Fund manager Henry Steel, who wrote the letter, told the Financial Times that Shell was “sending the wrong signals” by appealing against last year’s Dutch ruling ordering the oil major to cut its emissions by 45 per cent by 2030. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Clifford Chance to handle Shell’s appeal against sensational defeat in the Milieudefensie case

Clifford Chance to handle Shell’s appeal against sensational defeat in the Milieudefensie case

The following are translated extracts from an article published on 19 May 2022 by the Dutch financial newspaper, the fd.

By Martijn Pols and Joris Polman.

Oil company Shell has set aside house lawyer De Brauw Blackstone Westbroek after the sensational defeat against Milieudefensie. Exactly one year ago, the judge forced Shell to tighten up its climate policy.

Shell appealed but had no confidence in a good outcome with De Brauw by its side. Lawyers for British Clifford Chance can now make another attempt. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Climate-focused Dutch funds to take lead on Shell investor engagement

Reuters

Climate-focused Dutch funds to take lead on Shell investor engagement

By  and : MAY 19, 2022

LONDON, May 19 (Reuters) – Two climate-focused Dutch pension fund managers have been named to lead climate negotiations with Shell (SHEL.L) on behalf of a major group of investors that helped shape the energy company’s drive to cut greenhouse gas emissions.

MN and PGGM will officially take the role on behalf of the Climate Action 100+ (CA100+) investor group comprising $68 trillion in assets following Shell’s annual general meeting on May 24, MN said on Thursday. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Activist investor prepares to take on Shell over climate targets

CITYA.M. 

Activist investor prepares to take on Shell over climate targets

: THURSDAY 12 MAY 2022

Shell is preparing for a shareholder showdown at its upcoming general meeting later this month, with activist group Follow This pushing the energy giant to commit to more stringent environmental targets.

It has warned shareholders that Shell’s current transition plans are not aligned with the Paris Agreement, and has filed a motion – resolution 21 – calling for the oil and gas major to publish targets that cover short, medium and long term emissions in both its operations and the use of its energy products. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Windfall tax on Energy Giants Shell and BP?

The Telegraph

Energy bosses are provoking Sunak into another ruinous tax raid

BP chief executive may live to regret calling his company a ‘cash machine’: Shell unveiled a quadrupling of profits and a bumper payout for shareholders. Chief Ben van Beurden sounded cock-a-hoop. It had been “a momentous year”, he declared.

: CHIEF CITY COMMENTATOR:

You’ve got to hand it to the bosses of Britain’s energy giants. The response of the industry’s top figures to growing calls from the Labour Party, trade unions, and eco-activists for a windfall tax has been so risible that a Conservative Government is now said to be warming to the idea, having repeatedly ruled it out. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Shell signs agreement to sell retail and lubricants businesses in Russia

Shell signs agreement to sell retail and lubricants businesses in Russia

May 12, 2022

Shell Overseas Investments B.V. and B.V. Dordtsche Petroleum Maatschappij – subsidiaries of Shell plc – have signed an agreement to sell Shell Neft LLC, which owns Shell’s retail and lubricants businesses in Russia, to PJSC LUKOIL.

The deal includes 411 retail stations, mainly located in the Central and Northwestern regions of Russia, and the Torzhok lubricants blending plant, around 200 kilometres north-west of Moscow. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Wall Street activist Dan Loeb says Shell risks becoming ‘tarnished’ unless it heeds his break-up call

Evening Standard

Wall Street activist Dan Loeb says Shell risks becoming ‘tarnished’ unless it heeds his break-up call

Loeb’s Third Point Investors has been pushing for a break-up of Shell, calling its current business ‘confusing and unmanageable’

By Oscar Williams-Grut City Editor @OscarWGrut: 9 May 2022

The Wall Street activist pushing for a break-up of Shell has raised his stake in the business and said the oil giant risks becoming a “tarnished legacy brand” without reform. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Loeb’s Third Point Adds to Shell Position: The London Rush

Bloomberg

Loeb’s Third Point Adds to Shell Position: The London Rush

Bloomberg News: Charles Capel and Leonard Kehnscherper: May 09, 2022(Bloomberg)

EXTRACT

Third Point Investors Ltd: Dan Loeb’s flagship Offshore Fund returned -11.5% in the first quarter of 2022, dragged down by companies including  Rivian Automotive, Inc and Cie Financiere Richemont SA.  

The investment company said its stake in Shell Plc helped mitigate some of its losses, and it has found interesting new investments in oil and natural gas companies, as well as other companies that might benefit from inflation, supply shortages, and the energy transition read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Dan Loeb adds to Shell stake despite doubling down on break-up calls

CITYA.M.

Dan Loeb adds to Shell stake despite doubling down on break-up calls

: SUNDAY 08 MAY 2022 12:29 PM

Activist investor Daniel Loeb has revealed he has added to his stake in energy giant Shell despite doubling down on calls for a shake-up to the energy major’s corporate structure.

Loeb, who revealed in October that his hedge fund Third Point had taken $750m stake in Shell, told his investors last week that he had upped his stake in the firm and had held discussions with the firm’s bosses. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Activist Investor Dan Loeb Increases Shell Stake, Reuters Reports

Bloomberg

Activist Investor Dan Loeb Increases Shell Stake, Reuters Reports

·

(Bloomberg) — Dan Loeb’s Third Point LLC has increased its $750 million stake in the energy giant Shell Plc as the investor seeks to pressure the company to split up its businesses, Reuters reported.

Loeb has held discussions with Shell’s management, board members and other shareholders, according to a letter sent to Third Point investors and seen by Reuters.

The letter described the company’s stock price as cheap but said there could be gains ahead with “proper management,” according to Reuters. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.

Third Point’s Loeb praises Shell moves, sticks by calls for breakup

Reuters

Third Point’s Loeb praises Shell moves, sticks by calls for breakup

By 

NEW YORK, May 7 (Reuters) – Activist investor Daniel Loeb, who wants Royal Dutch Shell Plc to break apart, applauded the energy giant’s decision to move its headquarters even as he sticks to views that a different corporate structure would make it more successful.

Loeb, who said in October that his hedge fund Third Point LLC had taken a $750 million stake in the company, told his own investors on Friday that he has added to his Shell stake and has held discussions with management, board members and other shareholders. read more

shellplc.website and its sister non-profit websites royaldutchshellplc.com, royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are owned by John Donovan. There is also a Wikipedia feature.