Gorebal Warming Measure “Narrowly” Voted Down by Shell Oil Company Shareholders

Guest ayyy! by David Middleton

Shell investors vote down global-warming proposal

By Sarah Kent

Published: May 22, 2018 10:37 a.m. ET

THE HAGUE–Royal Dutch Shell PLC RDSB shareholders voted down Tuesday a proposal requiring the company align its strategy with efforts to limit global warming, signaling support for steps the company has already taken on climate change.

The resolution, put forward by Dutch activist shareholder group Follow This, won just 5% of the shareholder proxy vote. It called on the company to set emissions targets in line with international ambitions to limit global warming to less than 2 degrees Celsius above pre-industrial levels.

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At Tuesday’s meeting, a group of 27 investors with nearly $8 trillion under management put their names to a statement calling on the company and others in the industry to do more.

“We applaud the ambition stated…and indeed challenge all other oil-and-gas companies to follow suit; but we call for this ambition to be translated into firm medium- and short-term targets,” the statement said.

Signatories included Legal & General Investment Managers, Aviva Investors and UBS Asset Management, which count among the company’s top twenty shareholders, as well as the California Public Employees’ Retirement System, the largest pension fund in the U.S.

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Marketwatch

Over the past week there have been several articles about this bit:

At Tuesday’s meeting, a group of 27 investors with nearly $8 trillion under management put their names to a statement calling on the company and others in the industry to do more.

So what?

When only 5% of shareholders are willing to vote for nonsense like this, who gives a rat’s ass about what a group of x investors with nearly $y trillion under management have to say about anything?

This post meets the approval of the real Arthur Fonzerelli…