Shell AGM
Posted by Anthony Field on 19/05/10 00:00 AM
At Shell’s AGM on 18 May, 11% of shareholders who voted on the tar sands resolution chose not to back the management, either by supporting the resolution or abstaining from voting – traditionally a way of showing concern on an issue.
WWF supported a resolution calling on Shell to report on all the risks associated with its tar sands projects – a third of its reserves. Our supporters were among the 6,000 people who wrote to their pension providers and other large Shell shareholders asking them to back the resolution at this year’s AGM.
WWF’s head of campaigns, Colin Butfield, says: “Eleven per cent of the vote at the AGM is a significant result for a shareholder resolution focused on environmental and social risk.
“It clearly shows concern among some investors about the financial risks associated with the tar sands development.
“In light of this – and growing concerns worldwide about other risky activities like deepwater drilling – oil companies like Shell need to disclose much more information about the risks they are taking.”
Oil companies need to come clean on carbon
Tar sands production releases on average three times more carbon pollution than conventional oil.
We’re campaigning for Mandatory Carbon Disclosure for large and publicly owned companies. This will make sure investors have detailed and comparable information about companies’ carbon emissions – and about the risks and costs that will result from them.
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