Shell AGM underway again after activist disruption as shareholders prepare for key climate votes
Shell’s annual general meeting is underway again after it was delayed for nearly three hours following protests from climate activists.
Protestors stormed the meeting at Methodist Hall, London, where shareholders were set to vote on the oil and gas giant’s climate transition plans.
Dozens of protestors from groups such as Extinction Rebellion derailed the proceedings this morning, chanting slogans (“Shell Must Fall”) and holding banners as Shell chair Sir Andrew Mackenzie tried in vain to continue the meeting, while hundreds more gathered outside.
Mackenzie told shareholders: “We are very keen to have the debate that democratic society would like us to have around many of the issues. Your board will remain and we actually ask you as shareholders to stay with us and online as we seek help to manage this. This is so we can have an opportunity to say our side of what we want to say.”
Eventually, the board departed from the room and the meeting was paused for around two hours and forty minutes, before restarting with a reduced attendance.
Noisy protests have continued on the road outside the venue.
Later today, shareholders will vote on Resolution 20, which commits the energy giant to reaching net zero carbon emissions by 2050 alongside multiple carbon intensity goals.
However, investor groups such as Follow This believe the proposals lack sufficient short and medium term goals, and are too dependent on new technologies such as carbon capture tools.
They argue the plans do not currently align with the Paris Agreement, which pledges to keep global temperature rises to two degrees or lower from pre-industrial levels.
Alongside environmental issues, they argue a lack of short term targets means Shell will be scrambling to reach its environmental goals in later decades, which will have an adverse effect on the business.
They have filed a counter proposal – Resolution 21 – that seeks to commit Shell to more targets and the climate change accords.
More to follow…