A group of major institutional investors including West Yorkshire, Lothian, Swiss pension giants Ethos and PUBLICA, and US manager Mercy Investment Services has sent an open letter to over 1,800 investors, urging them to support Resolution 23 at Shell's upcoming AGM on 19 May in London.
The resolution, put forward by Dutch campaign group Follow This and co-filed with 21 major institutional investors, calls on Shell to publish how it plans to create shareholder value under declining oil and gas demand scenarios.
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While the current closure of the Strait of Hormuz has caused short-term oil price spikes, the investors point to International Energy Agency forecasts predicting long-term price declines due to accelerating clean energy transitions, particularly in emerging markets, rising electric vehicle adoption, efficiency gains, and structural economic shifts.
The push for greater climate accountability comes weeks after BP suffered a significant shareholder rebellion, with more than half of investors refusing to back a reversal of climate disclosures and more than a quarter supporting greater CAPEX transparency for new oil and gas projects.
Shell has benefited from recent oil price rises, reporting $6.92bn (£5.1bn) in Q1 profits mainly from strong trading revenues. The oil giant plans to return most of this windfall to shareholders while increasing investment in new oil and gas projects, with only 10% of capital expenditure dedicated to renewable investments.
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