Climate backlash from Shell investors
An influential pensions body has joined a shareholder rebellion at Shell to push for an overhaul of the oil major’s board and vote for a resolution rebuking the company over its green energy strategy.
The Local Authority Pension Fund Forum, which represents £350 billion of local authority pensions, has recommended voting against Shell’s directors’ pay resolutions, its energy transition plan and most directors, apart from its chairman, at next week’s annual general meeting.
“Given that 2030 is further away than the tenure of most executives and non-executive directors, the incentive framework to deliver a credible transition requires an overhaul, as does the board,” the forum said.
Shell plans to cut emissions to net zero by 2050 but climate campaigners argue it is prioritising shareholder returns
