Several large institutional shareholders in Shell have called on the rest of the company’s shareholders to support a resolution demanding greater climate action, the Financial Times has reported. The resolution authors include Dutch activist investor group Follow This, Amundi, and Axa Investment Managers, along with 25 others, the report said. Collectively, the 27 own 2.5% in the supermajor.
“This year’s vote is especially important as Shell has recently backtracked on its climate targets, doubling down on its determination to continue oil and gas extraction,” the resolution’s authors, whose pushback against Shell was coordinated by Follow This, wrote. “Now is the time to send a strong signal to the industry that investors are determined to reach Paris.