Menu
Banking Exchange Magazine Logo
Menu

Activists Push for Change at Oil Company AGMs

Investors and campaign groups are seeking to up the pressure on fossil fuel firms

  • |
  • Written by  Banking Exchange staff
Activists Push for Change at Oil Company AGMs

Climate-related shareholder votes are set to spike throughout the 2022 proxy season for oil and gas companies, according to data from campaign groups.

‘Big Oil’ is coming under fire from investors and non-profits accusing companies of shifting from denying climate change actions to delaying them.

As oil and gas companies prepare to host their annual shareholder meetings, however, investors seem set to make their voices heard on environmental issues.

Existing climate strategies are up for votes along with a range of investor groups working to target emission reductions.

Data from Follow This, a Dutch activist investor and campaign group, and investor advocacy group Ceres show that investors in BP, ConocoPhillips, Enbridge, Equinor, ExxonMobil, Imperial Oil, Marathon, Occidental, Phillips 66, Shell, Total Energies, and Valero Energy have proposed resolutions requiring the companies to adopt greenhouse gas reduction targets.

The data shows 27 climate-related resolutions filed at 16 companies for this year, as of April 25, 2022.

Follow This founder Mark van Baal said: “Big Oil will make or break the Paris climate agreement. Their shareholders need to compel them — and, if needed, force them — to change.”

Last year saw investors at companies such as Shell, ExxonMobil, and Chevron voting for climate-related resolutions, and campaign groups are hoping for similar successes in 2022.

The majority of oil and gas companies across the US and Europe have now set 2050 net-zero targets in place, alongside some shorter-term emission reduction aims.

The resolutions follow the recent action by the Securities and Exchange Commission, which has mandated US companies to annually report their Scope 1 and 2 carbon emissions.

back to top

Sections

About Us

Connect With Us

Resources

Technology is rapidly changing the way accountants perform and manage month-end activities. Spreadsheets, email, and shared drives no longer should slow us down. Automation generally supercharges any process and brings its value to the forefront. To get to the next level of closing, automation is a must so that repetitive, predictable, and laborious tasks can be automated.

Join us as we present a "sneak peek" into SkyStem's month-end close solution – ART. In under four weeks, your team can start reaping the benefits of month-end close automation by vastly reducing spreadsheets, cut down on reconciliation work, speed up the month-end close, and better manage your remote team.

Some results our customers have enjoyed include:

REGISTER NOW!

This webinar is brought to you by:
skystem logo