Item 20: Shell’s Energy Transition Resolution
Royal Dutch Shell is voluntarily submitting its Energy Transition Strategy for an advisory vote at the AGM. As such, Shell is the first company in the oil & gas sector to allow shareholders a vote on a strategy that explains how the company intends to transition in line with the Paris Agreement. The resolution asks shareholders to approve its Powering Progress strategy to accelerate the transition of its business to net-zero emissions, including targets to reduce the carbon intensity of energy products it sells:
Our vote: AGAINST
In addition, Shell’s plan has a strong focus on natural carbon sinks and carbon capture and storage (CCS). We would prefer more focus on CO2 emission reductions resulting from the transition toward clean energy, which would reduce dependence from emission reductions by customers and reduce exposure to competition for credible carbon sink projects from many hard-to-decarbonise-sectors like cement.
Item 21: Shareholder proposal Follow This
Our vote: FOR
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