May 18th, 2022
by John Donovan.
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The Guardian
Shell boss faces investor rebellion over £13.5m pay package
Pirc urges shareholders at AGM to vote against Ben van Beurden’s ‘excessive’ pay
Alex Lawson Energy correspondent: Wed 18 May 2022 15.16 BST
The chief executive of Shell is facing an investor revolt over his £13.5m pay packet, as oil and gas firms battle growing calls for a windfall tax on their profits.
The investment adviser Pirc has urged shareholders to vote against Ben van Beurden’s pay packet at next week’s annual general meeting, calling it “excessive”.read more
Shell’s battle to gain approval for its energy transition plan has suffered a heavy setback, as a major investor announces its intention to abstain on a key resolution at the firm’s upcoming annual general meeting.
Royal London Asset Management (RLAM), which holds a £1.2bn stake in the energy giant, has criticised the oil and gas trader’s climate transition plans.read more
Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks.
The forthcoming proxy season comes amid intensifying pressure on Big Oil to set short- and medium-term targets in line with the landmark Paris Agreement.
At present, not a single oil and gas major is aligned with the Paris Agreement’s goal of curbing global heating to 1.5 degrees Celsius above pre-industrial levels.
LONDON — Some of the world’s largest corporate emitters face the prospect of a shareholder rebellion this month, with climate-related votes poised to spike throughout the proxy season.
Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks. Existing climate strategies are up for votes alongside a range of investor-led resolutions targeting emissions reductions.read more
Shell plc (the Company) would like to provide further clarification to shareholders regarding Resolution 20 – the Company’s Energy Transition Progress for the year 2021.
Shell recognises and values the importance of shareholder engagement when considering its energy transition progress. In 2021, shareholders overwhelmingly supported the Shell Energy Transition Strategy, reflected through an advisory vote at the 2021 Annual General Meeting. The Company engaged extensively both before and after this shareholder vote. Insight on this engagement was provided on pages 141, 142 and 143* (see note below) of the Company’s 2021 Annual Report. The Board is grateful for the time and contribution of all those shareholders who provided feedback, and for the broad indications of support for Shell’s strategy.read more
Royal Dutch Shell plc (“Shell”) published a circular on 15 November 2021 which includes a notice of a General Meeting to be held at Rotterdam Ahoy, Ahoyweg 10, 3084 BA Rotterdam, the Netherlands at 10:00 (Dutch time), 09:00 (UK time) on December 10, 2021 (the “Circular”).
Unfortunately, since publication of the Circular, COVID-19 public transmission concerns have only intensified making it more imperative to take all steps we deem necessary to protect the health and safety of our shareholders, employees and GM staff as well as the public.read more
Jun 1st, 2021
by John Donovan.
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THE SYDNEY MORNING HERALD
‘Wolf pack’ attack win opens the door for more turmoil
June 1, 2021: The success of the activist shareholder assault on the Exxon board last week, along with a court ruling ordering Royal Dutch Shell to cut its carbon emissions faster than planned and a majority of Chevron shareholders voting for a reduction in its “scope three” emissions have been depicted as victories for climate activists.
While the Shell decision clearly fits into that category (although it will appeal) and Chevron probably also squeezes in, the Exxon experience isn’t quite as clear cut and illustrates the confusion and conflict, for companies and investors, that flow from the increasing aggression and impact of environmental, social and governance (ESG) funds.read more
As an activist investor, Mark van Baal has been fighting for a greener Shell with Follow This for years. At the shareholders’ meeting he always speaks to the other ‘Van B.’ CEO Ben van Beurden. Follow This is unnecessary, Van Beurden believes, but Van Baal has since won over 30% of the shareholders.
In brief
Activist investor Follow This is gaining a foothold in the Shell shareholders’ meeting.read more
May 24th, 2021
by John Donovan.
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theGuardian.com
Influential investor joins shareholder rebellion over Shell’s climate plan
Legal & General Investment Management, Britain’s biggest fund manager, piles pressure on oil firm
Rupert Jones and Hilary Osborne: Mon 24 May 2021 06.00 BSTBritain’s biggest fund manager has piled pressure on Shell after joining a shareholder rebellion over the oil company’s carbon-cutting plans, saying that they lack credibility and the ambition required to combat global heating.
It has emerged that Legal & General Investment Management (LGIM), one of the oldest fund managers in the City of London, was among investors behind a significant shareholder vote against Shell’s climate transition targets at the company’s annual meeting on Tuesday.
The asset manager, which is part of the insurer Legal & General and manages more than £1.2tn of assets, told the Guardian that it joined activists demanding faster progress because it did not believe the Anglo-Dutch company’s plan was credible.read more
30% of Shell shareholders believe that the group is doing too little to make it greener.
In addition, the International Energy Agency says that no more investment should be made in the extraction of fossil fuels.
According to Mark van Baal, founder of Follow This, Shell will have to invest in sustainable energy on a large scale.
Never before have so many shareholders in Shell supported a motion calling on the oil company to ‘green’ more quickly. The motion received support from nearly one in three shareholders yesterday, doubling from last year.read more
May 18th, 2021
by John Donovan.
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Oil giant Shell secures investor backing for its energy transition strategy, but a growing minority rebel
Sam Meredit: PUBLISHED TUE, MAY 18 2021: 8:43 AM EDT
KEY POINTS
Shell said that the company’s own resolution received 88.74% of votes.
The result, while non-binding, was widely expected and ostensibly provides Shell with a shareholder mandate to proceed with its plans to reach net-zero emissions by 2050.
However, 11% of shareholders voted against Shell’s own climate plans. This contrasted with 19 other resolutions put forward at Shell’s online AGM, where up to 99% of investors followed management advice.
What’s more, it is perhaps a sharp increase in the number of shareholders choosing to support a separate motion that could be a catalyst for greater action.
LONDON — Royal Dutch Shell shareholders on Tuesday overwhelmingly voted in favor of the oil giant’s energy transition plans at its annual general meeting, though a growing minority defied recommendations and insisted the company do much more to tackle the climate emergency.read more
May 18th, 2021
by John Donovan.
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Shell shareholders overwhelmingly support energy transition plan
Nearly 90% of investors supported the energy giant’s strategy to reach net zero by 2050 by reducing fossil fuel output and embracing renewables
* Activist resolution wins 30% support at AGM
* Investors ramped up pressure on Shell to tackle climate
By Ron Bousso
LONDON, May 18 (Reuters) – Royal Dutch Shell shareholders overwhelmingly supported the company’s energy transition strategy on Tuesday, but rising backing for a second climate resolution filed by an activist group pointed to growing pressure to tackle climate change.read more
One month ago, Chris Hohn, the billionaire hedge fund investor, urged investors in Royal Dutch Shell to vote against the oil major’s climate strategy. As the founding figure of the “Say on Climate” campaign, Hohn’s TCI Fund Management has enlisted global investors to press dozens of companies to set out their plans for dealing with their greenhouse gas emissions and to allow investors to regularly review the strategy. But speaking at an event last month, Hohn said it was “obvious” that shareholders should vote against Shell’s plans…read more
Shell’s energy transition strategy will go before an advisory vote of shareholders as the oil giant takes its first steps towards becoming a net-zero emissions business by 2050.
Chief executive Ben van Beurden set out the strategy in February, outlining a focus on low-carbon operations such as wind, solar, biofuels and hydrogen over the next decade.
For the foreseeable future, Shell sees upstream operations continuing to deliver the energy supplies and cash needed to accelerate the transition towards low carbon businesses.read more
May 16th, 2021
by John Donovan.
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Investors should beware the rising tyranny of social media campaign groups
Article by Oliver Shah. The Sunday Times May 16, 2021. Page 9 Business Section
EXTRACT
On Tuesday, Shell investors will vote on a resolution from Dutch activist Follow This calling for the oil major to set “inspirational” targets for cutting carbon emissions in line with the Paris Agreement. Shell, run by Ben van Beurden, cut its dividend last year and has seen its shares slump by more than a third since January 2020. Follow This chalked up a big victory against Shell’s US rival ConocoPhillips last Tuesday, with 58% of investors backing its resolution that the company should take responsibility for so-called scope 3 emissions – the pollution created by users of its fuels.read more
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.
Debbie: They really are useless little or no customer service. If you do get to talk to someone they haven't got a clue how to solve things. Never been happy since first signing. I never thought I would admit this but they make TalkTalk seem good. I am now fighting against the cost of 39 po7nd because I haven't returned it. Once again they are lying saying they sent out a self addressed envelope for the return of the modem. Must have got lost in the post.Also my contract ended 8th January it is now 24th and they only just let know. As a company they are devious untrustworthy and morally corrupt. They DO NOT deserve even 1 customer
Tailspin: 29th July 2020 Tailwind Energy Investments Ltd (Co. Reg. No.12776446) was incorporated with one ordinary share of £1 issued to Tailwind Energy Holdings LLP (Co. Reg. No. OC430905) for a consideration of £1
23rd December 2020 Tailwind Energy Investments Ltd issued 290 shares of £1 each to Tailwind Energy Holdings LLP in return for 290 shares of NSV Energy Ltd (Co. Reg. No. 06220464) representing a 100% interest in that entity. Following the transaction, Tailwind Energy Holdings LLP became the parent company of Tailwind Energy Investments Ltd. On the date of issue, the shares of NSV Energy Ltd were valued at $479.9 million resulting in the recognition of an investment of $479.9 million.
On 1st November 2021, Tailwind Energy Investments Ltd declared a dividend of $36.4 million. Tailwind Energy Investments Ltd entered into an agreement with its now subsidiary NSV Energy Ltd to pay the dividends directly to its parent's ultimate shareholders.
For the period ended 31st December 2021 Tailwind Energy Investments Ltd recorded a profit of $36.4 million arising from a dividend declared by its subsidiary in November 2021.
Dividends of $36.4 million ($125,245.7 per share) were declared by Tailwind Energy Investments Ltd for the period ended 31st December 2021.
Companies House records show for Tailwind Energy Holdings LLP under 'People' the following:
Cavendish Energy Holdings Ltd (Co. Reg No.12154073)
Mecuria Asset Holdings (Hong-Kong) Ltd A Private Ltd Company
Mercuria Holdings (UK) Ltd (Co. Reg. No. 123718128)
Companies House Records show that Tailwind Energy Holdings LLP is the 'Designated Member' and only 'Designated Member' for each of the above three companies. There is a 'circularity' here that does not seem correct. Where did the dividend go?
Tailwind Investments Ltd Annual Report and Financial Statements period ended 31st December 2021 indicates Page 16 7.
Tailwind Energy Investments Ltd is a wholly owned subsidiary of Tailwind Energy Holdings LLP itself a 51% subsidiary of Cavendish Energy Holdings Ltd (Co. Reg. No. 12154073) . Cavendish Energy Holdings Ltd is also the ultimate parent company and ultimate controlling party which prepares consolidated financial statements.
Companies House Records show under 'Appointments' for Cavendish Energy Holdings Ltd that Tailwind Energy Holdings LLP is the 'Active LLP Designated Member'.
Where did the $36.4 million dividend go?
Bogus Group: Thanks to Wrath for the clarification.
I recall a lot of competent and committed people at BG Group, I also recall a toxic culture among those aspiring to climb the leadership “greasy pole” at all costs. If Mr Gould’s disparaging comments were not aimed at the latter group, it’s no surprise the meeting ended on a low note. These are the people that set targets, but if they can’t perceive how to deliver, someone (not them) has to be held to account.
Seems like the pressure was being felt regarding Queensland Curtis LNG and the toxic ‘blame culture’ was in full-swing. I understood the cost overrun on this project was in the region of £3.3bn, which is surprising as their General Counsel at the time had written the highly regarded book ‘Project Finance’. It must have been left behind in TVP in preference for “back-end loading”.
Wrath: In response to Bogus Group's enquiry.
The reference to Contractors being given 'equal' status to Employees refers to a speech given by Andrew Gould, then Executive Chairman of BG Group, at a Townhall meeting in the BG cafeteria in the Hutton Building, Thames Valley Business Park, in Q4 2014.
At that Townhall meeting Mr Gould, during his speech to the assembled staff, made many references to 'you' (meaning BG Group Staff) failing to meet targets. (A Freudian slip, perhaps, given his ambition for a knighthood?). Eventually, a senior staff member in the audience corrected Mr Gould and said that he (the senior staff member) would feel happier if Mr Gould used the pronoun 'we' instead of 'you', at which point Mr Gould accepted the criticism and corrected himself. During that speech, Mr Gould also said that it was vital that BG Group meet their targets, especially first export of QC LNG coalbed methane to LNG, by year end. In order to achieve this he said that BG Group Contractors would have 'equal' status to BG Group Employees i.e. 'all hands to the pumps'. That meeting was recorded.
Shell makes $70bn BG offer (oedigital.com)
It was at the end of that meeting, that Sami Iskander, then Chief Operating Officer, stood up and to whoever would listen as they 'fled' the cafeteria with their ears burning made the statement that BG Group, the previous year (?) had spent £200MM assuring work which later cost the company £2Bn because it was wrong.
Bogus Group: Would like to hear more on the thread of these interesting comments.
Contractors were not always on ‘equal status’, particularly when it came to safety. In the BG Group 2010 annual report, Chapman’s statement that contractor safety would be a particular focus in 2011, seemed to infer that contractor performance was the issue, however, BG Group were ultimately responsible for those at the worksites, including contractors. In 2012, his “deep regret” of the unacceptable safety performance deterioration in 2011, would appear to indicate the “particular focus” was misconceived.
Wrath: Andrew Gould, former Executive Chairman of the failed BG Group, whose motives were questionable, would be well reminded that putting contractors on equal status as company employees in order to meet 'stretch' targets is in direct conflict with the 'Constitutions' of the various 'Bodies Corporate', despite alignment through 'bridging' documents.
in response to Wrath...: Technical safety across the board has suffered a similar mindset... "as long as it doesn't blow-up on my watch, it's <>." the new SEAM organization has made it abundantly clear, that safety has to be in "balance with business drivers of production and affordability." When it eventually goes boom, it will be blamed on TSE not the folks who are sweeping the concerns under the rug. the new emperors have no clothes!
Wrath: Subsurface Technical Staff at Shell who previously worked for BG Group would be well advised to remember that reserves should not be booked on subjective technical workflows and furthermore that both the technical workflows used in calculating reserves and their results should be reproducible by the Auditors. The BG philosophy of 'it's alright as long as the oil and/or gas is flowing out of the ground and we don't know where it is coming from' is irresponsible, short sighted and to the detriment of Shell's shareholders. This attitude should be dropped pronto!
Astudley: Internet down 3 times for a day at a time. Reported it never had any contact back or reason given. Useless company out at end of contract.
ANON: RE: Nigerian oil export terminal had theft line into sea for 9 years
Sometimes I think I have seen it all and then this comes along
Nigeria is simply doomed with all the corruption.
Take it from me, this is a major operation to fix. So the top brass must have been involved. Half or more of the population is scratching a living in miserable circumstances, there is no more rule of law and these gangsters lay a pipeline from a terminal and steal oil.
Simply beyond what I can imagine.
TERRIBLE: They cut off my 87 year old moms phone. This isn't just a phone for people of that age its and essential lifeline.
After spending an hour on hold I eventually got through to the customer service department. They said a bill hadn't been sent because of billing issues. That's why it wasn't paid.
So, I settled the bill over the phone.
The following day the service was resumed and a demand for the money paid over the phone was sent to her house.
How incompetent are these people.
I spent another hour on hold. No reply to the call at all this time.
No response to my emailed complaint.
Obviously I now have to find another provider.
But a lot of stress for my mother.
DO NOT DEAL WITH THESE PEOPLE.
They are the worst of the worst.
Date of experience: 10 September 2022
Listen and read proof in audio and transcript form of Shell CEO Ben van Beurden’s cover-up tactics in the OPL 245 Nigerian corruption scandal. The instruction given by him in the covertly recorded call to CFO Simon Henry was at odds with Shell’s claimed core business principles. Cover-up and obstruction, instead of transparency and integrity, says Shell critic John Donovan
JOHN DONOVAN TV DOCUMENTARY INTERVIEW
SHELL EXECUTIVES AT THE CENTER OF A SCHEME TO STEAL $1.3 BILLION FROM NIGERIA’S PEOPLE
SHELL ADMITS DEALING WITH NIGERIAN MONEY LAUNDERER – BBC NEWS
SHELL, ENI AND NIGERIAN OFFICIALS IN OPL 245 CORRUPTION SCANDAL
INVESTIGATION OF OPL 245 NIGERIAN OIL CORRUPTION SCANDAL
DUTCH EARTHQUAKES CAUSED BY SHELL/EXXON
SHELL KILLS FOR OIL IN NIGERIA
ESTHER KIOBEL SUES SHELL FOR COMPLICITY IN HUSBANDS MURDER
ESTHER KIOBEL: EVIL OIL GIANT SHELL COLLUDED IN THE EXECUTION OF MY INNOCENT HUSBAND
SHELL LIED ABOUT CLEANING UP OIL IN NIGER DELTA
SHELL SPIES INFILTRATED NIGERIAN GOVERNMENT
LEGO DROPS SHELL OVER GREENPEACE OIL SPILL VIDEO
SHELL ARCTIC DRILLING ACCIDENTS
SHELL KNEW ABOUT CLIMATE CHANGE DECADES AGO
ABANDONED BY SHELL: KEITH MACDONALD & FAMILY, VICTIMS OF RADIOACTIVE CONTAMINATION AT WORK
ROYAL DUTCH SHELL FOUNDER SIR HENRI DETERDING, NAZI FINANCIER
JOHN DONOVAN PROMOTIONAL GAMES FOR SHELL AND OTHER CLIENTS
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