News and information on Shell Plc
The Guardian
Shell consultant quits, accusing firm of ‘extreme harms’ to environment
Alex Lawson Energy correspondent: Mon 23 May 2022 13.09 BST
A senior safety consultant has quit working with Shell after 11 years, accusing the fossil fuel producer in a bombshell public video of causing “extreme harms” to the environment.
Caroline Dennett claimed Shell had a “disregard for climate change risks” and urged others in the oil and gas industry to “walk away while there’s still time”.
FT
Odey urges Shell to drop appeal against order to slash emissions
Tom Wilson in LondonOdey Asset Management has called on Shell to drop its appeal against a landmark Dutch court ruling targeting its climate strategy and instead to fund an independent body to audit the emissions of every oil and gas company. Fund manager Henry Steel, who wrote the letter, told the Financial Times that Shell was “sending the wrong signals” by appealing against last year’s Dutch ruling ordering the oil major to cut its emissions by 45 per cent by 2030.
Clifford Chance to handle Shell’s appeal against sensational defeat in the Milieudefensie case
The following are translated extracts from an article published on 19 May 2022 by the Dutch financial newspaper, the fd.
By Martijn Pols and Joris Polman.
Oil company Shell has set aside house lawyer De Brauw Blackstone Westbroek after the sensational defeat against Milieudefensie. Exactly one year ago, the judge forced Shell to tighten up its climate policy.
Shell appealed but had no confidence in a good outcome with De Brauw by its side. Lawyers for British Clifford Chance can now make another attempt.
Reuters
Climate-focused Dutch funds to take lead on Shell investor engagement
By Shadia Nasralla and Ron Bousso: MAY 19, 2022
LONDON, May 19 (Reuters) – Two climate-focused Dutch pension fund managers have been named to lead climate negotiations with Shell (SHEL.L) on behalf of a major group of investors that helped shape the energy company’s drive to cut greenhouse gas emissions.
MN and PGGM will officially take the role on behalf of the Climate Action 100+ (CA100+) investor group comprising $68 trillion in assets following Shell’s annual general meeting on May 24, MN said on Thursday.
The Guardian
Shell boss faces investor rebellion over £13.5m pay package
Pirc urges shareholders at AGM to vote against Ben van Beurden’s ‘excessive’ pay
Alex Lawson Energy correspondent: Wed 18 May 2022 15.16 BST
The chief executive of Shell is facing an investor revolt over his £13.5m pay packet, as oil and gas firms battle growing calls for a windfall tax on their profits.
The investment adviser Pirc has urged shareholders to vote against Ben van Beurden’s pay packet at next week’s annual general meeting, calling it “excessive”.
CITYA.M.
Activist investor prepares to take on Shell over climate targets
Shell is preparing for a shareholder showdown at its upcoming general meeting later this month, with activist group Follow This pushing the energy giant to commit to more stringent environmental targets.
It has warned shareholders that Shell’s current transition plans are not aligned with the Paris Agreement, and has filed a motion – resolution 21 – calling for the oil and gas major to publish targets that cover short, medium and long term emissions in both its operations and the use of its energy products.
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