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92% in favour of Total climate resolution but vote signal questioned


By Susanna Rust2021-05-28T14:41:00+01:00
More than 90% of votes were cast in favour of a Total resolution on its climate strategy at the French oil and gas major’s AGM today, although the reliability of the vote’s signalling of support has been questioned.
Just over 8% of votes were cast against Total’s climate strategy resolution, which the company this year submitted to a vote for the first time.
According to Dutch shareholder campaign group Follow This, the 92% votes in favour proved the necessity of shareholder climate resolutions.
“These advisory votes on climate strategies are hiding what investors really want,” said Mark van Baal, the group’s spokesperson. “More and more investors want the Paris Accord to be achieved and realise Big Oil has a key role to play.” ....

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Oil giants' setbacks turn BP from tortoise to hare


George Hay
4 minute read
BP-branded gifts are displayed at an event in London, Britain, February 12, 2020. REUTERS/Toby Melville
Bernard Looney must be feeling pretty smug. Since proudly unveiling his plan to pivot the UK oil group away from fossil fuels last September, the BP (BP.L) chief executive has watched the company’s share price underperform European and American rivals. Following the triple whammy that has hit the oil industry in little more than a week, that discount should disappear.
Right now, it’s not totally clear how Exxon Mobil’s (XOM.N) strategy will change as a result of activist investors installing at least two new directors on the company’s board on Wednesday. Nor is it certain whether a Dutch court’s ruling on the same day that Royal Dutch Shell (RDSa.L), must reduce its greenhouse gases by 45% by 2030 will apply only to the 116 million tonnes a year emitted in the course of the Anglo-Dutch group s production processe ....

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