Shareholders at Shell have followed BP in voting for greater transparency and reporting around issues related to climate change resilience.
At the company’s AGM today, almost 99% of shareholders backed the Special resolution – Strategic Resilience for 2035 and Beyond – brought by the Aiming for A coalition. ClientEarth assisted with the filing of the resolution.
Shell will now be legally obliged to report on operational emissions management and low-carbon energy research and development, among other things, as part of its annual reporting.
ClientEarth Barrister, Elspeth Owens, said: “Having exceeded the threshold of 75% of the vote, the resolution is now legally binding on Shell’s management and the company is required by law to provide the additional disclosures sought by the investors. This demonstrates the power of shareholder resolutions as a method for institutional investors to engage meaningfully and forcefully with companies on climate change.”
The move will allow shareholders to make more informed investment decisions and opens the way for possible similar moves from other similar companies.