Posts under ‘ClientEarth’

REUTERS

Institutional investors back Shell board lawsuit over climate risk

By Kirstin Ridley: February 9, 20231:53 AM GMT

LONDON, Feb 9 (Reuters) – A group of European institutional investors is backing a novel London lawsuit against energy giant Shell’s (SHEL.L) board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions.

ClientEarth, an environmental law charity turned activist Shell investor, said it had filed a High Court claim on Wednesday, alleging Shell’s 11 directors have failed to manage the “material and foreseeable” risks posed to the company by climate change – and that they are breaking company law. read more

Shell’s Board Sued by Institutional Investors Over Lack of Climate Ambition

Shell Plc’s board faces a new front in climate litigation as a group of frustrated shareholders sue the oil giant’s directors in the UK.

Bloomberg News: Katharine Gemmell and William Mathis Published Feb 08, 2023

(Bloomberg) — Shell Plc’s board faces a new front in climate litigation as a group of frustrated shareholders sue the oil giant’s directors in the UK.

Two years after a Dutch court ordered Shell to slash its emissions, the group of investors are filing the first lawsuit of its kind against 11 members of the board, accusing them of failing to manage the company’s climate risks. read more

CNBC

Shell’s board of directors sued for ‘failing to properly prepare’ for the energy transition

PUBLISHED TUE, MAR 15 202210:14 AM EDT

Sam Meredith@SMEREDITH19 KEY POINTS

• Environmental law firm ClientEarth, a Shell shareholder, said Tuesday that it had notified Shell of its claim against the company’s 13 executive and non-executive directors.
• It argues the board’s failure to implement a climate strategy that truly aligns with the landmark Paris Agreement is a breach of their duties under English law.
• In response to the legal action, Shell told CNBC via email that it was delivering on its global strategy that supported the Paris accord.

Shell’s board is being sued for failing to prepare the multinational oil and gas company for the transition away from fossil fuels.

Environmental law firm ClientEarth, a Shell shareholder, said Tuesday that it had notified Shell of its claim against the company’s 13 executive and non-executive directors. It argues the board’s failure to implement a climate strategy that truly aligns with the landmark Paris Agreement is a breach of their duties under English law. read more

REUTERS

Shell directors may face lawsuit over climate transition plans

Simon Jessop and Kirstin Ridley and Shadia Nasralla: March 14, 2022

LONDON — Environmental lawyers ClientEarth said on Tuesday they were preparing legal action against the directors of Shell over the company’s climate transition plan, in what they said would be the first such case of its kind.

The ClientEarth lawyers said they are seeking to hold the directors personally liable for what they consider to be a failure to adequately prepare for the global shift to a low-carbon economy, claiming an alleged breach of the directors’ duties under the UK Companies Act.

ClientEarth said it had written to Shell notifying it of its claim and was waiting for it to respond before filing papers at the High Court of England and Wales. For the case to proceed, ClientEarth would then need permission from the court to do so. read more

The Guardian

Shell directors sued for ‘failing to prepare company for net zero’

Environmental law organisation ClientEarth brings action and urges other shareholders to join

The directors of Shell are being sued for failing to properly prepare the multinational oil and gas company for net zero.

In what is thought to be a first-of-its-kind action, the lawsuit brought by activist shareholders claims that Shell’s 13 directors are personally liable for failing to devise a strategy in line with the Paris agreement, which aims to limit global heating to below 2C by slashing fossil fuel emissions. read more