Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks.
Dutch group Follow This, a small activist investor and campaign group with stakes in several Big Oil companies, is slated to put forward a number of climate resolutions this month. It is urging investors to leverage their agency and compel energy majors to align themselves with the Paris Agreement.
"The message is, and I've tried to get it across for years already, they won't change on their own accord. They won't change on engagement. They are only going to change if you are crystal clear to them — and the only way to do that is by voting," Mark van Baal, founder of Follow This, told CNBC via video call.
"If you want the Paris climate agreement to be achieved you need to vote in favor of these resolutions," van Baal said."These resolutions don't ask for something extreme. It is a fair ask."Investors at oil majors such as Shell, ExxonMobil and Chevron voted for climate-related resolutions last year and campaign groups are hoping for more success this month. These hopes are partly premised on liability risks for directors and institutional investors of oil and gas majors.
Shell's board of directors"risk future personal liability" for not aligning with the Paris accord, according to environmental lawyers at Paulussen Advocaten, the law firm thatA climate activist from protest group Extinction Rebellion is carried away by police officers on April 13, 2022, after gluing her hands to the reception desk of Shell's headquarters. XR has held a series of protests in an attempt to stop the fossil fuel economy.
Nonetheless, Equinor, BP and Shell have all recommended investors vote against Follow This' proposals this month.
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