Investors including Denmark’s Sampension and Sweden’s Folksam have increased pressure on Norwegian oil and gas supermajor Equinor ahead of its annual general meeting this afternoon (14 May), raising concerns over what they see as a material misalignment between the company’s strategy and the Paris climate goals.
At the AGM, shareholders, including Equinor’s 71% majority owner, the Norwegian Ministry of Trade, Industry and Fisheries, will vote on a resolution challenging the company’s planned expansion of oil and gas exploration and production.
The resolution, filed by Sampension and Folksam along with the ACCR, calls on the board to explain how it reconciles the company’s planned increase in fossil fuel output with the expectations of its majority shareholder, which has committed to operating Equinor in line with the goals of the Paris Agreement.
As the controlling shareholder and a signatory to the Paris Agreement, the Norwegian state’s position gives investors not only a potential lever of influence over Equinor, but also a way to shape broader public policy and market direction.
Jacob Ehlerth Jørgensen, head of ESG at Sampension, added: “The increase in fossil fuel ambitions is very problematic for Equinor. It is particularly worrying that Equinor justifies its fossil activities in new international fields on the grounds of security of supply.
“It is obviously not in harmony with the Paris Agreement, and these plans also contradict what Equinor’s largest shareholder expects from the company.”
Equinor has previously been viewed as a “leader in the green transition”, outperforming peers such as Shell and BP on climate strategy. However, in February 2025 the company weakened its energy transition plan, announcing plans to increase oil and gas output by 10% between 2025 and 2027.
At the same time, Equinor abandoned its pledge to allocate more than 50% of gross capital expenditure to renewables and low-carbon solutions by 2030.
Following the announcement, Sarasin & Partners, which manages around £18.5bn for private clients, charities and institutions, announced in March that it had divested from Equinor. The firm sold its remaining £3m stake after previously reducing its holding from £9.5m, having once been among the company’s top 20 shareholders.
Commenting on the divestment, Natasha Landell-Mills, head of stewardship at Sarasin & Partners, said: “Equinor’s refusal to reduce its emissions puts long-term shareholder capital at risk, both directly and through the harmful impacts Equinor’s strategy has for sustainable economic growth.”
