Share Action

ShareAction response to the no confidence vote at Shell's AGM

Commenting on the resolution of no confidence in Shell Chairman Sir Andrew Mackenzie, Simon Rawson Deputy Chief Executive of ShareAction said:

"The scale of today’s vote against the Chairman of Shell at its AGM is a clear indication of the growing frustration of shareholders and investors at the company’s failure to adapt its business model and move away from their reliance on climate damaging fossil fuels by moving to cleaner and sustainable forms of energy production."

"The vote should have come as no surprise to Shell and its Directors. There is an emerging pattern from this year’s AGMs where we have seen investors demanding better from companies who are directly or indirectly involved in expanding fossil fuel exploitation. This pressure will only become more intense as more and more investors put pressure on companies like BP and Barclays to change what and who they do business with."

"If Shell want to avoid further embarrassment at the hands of their investors then they need to sit down with them and set out a clear roadmap of how and when they will move away from their addiction to fossil fuels. If they do, then they will be making a significant contribution to reducing the impacts of global warming on people and planet.

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