An activist investor group that has filed resolutions for three years to pressure Royal Dutch Shell to act on climate change said it will withdraw from this year's filing.
The resolution, which was opposed by Shell's board, called on the company to set and publish targets aligned with the 2015 Paris Climate Agreement guidelines to limit global warming to below 2 degrees Celsius by the end of the century. Oil companies have come under mounting pressure from activist shareholder communities who urge them take action over climate and pollution and acknowledge risks to their bottom lines. Last year, Shell caved in to investor pressure over climate change and rolled out carbon emissions targets linked to executive pay.
Mark van Baal, founder of Follow This, said Shell still did not align with the Paris climate goals, but it's made progress. After discussions with six major Dutch investor groups, Follow This withdrew from the resolution and will focus on other companies' environmental goals.
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