An pensions body has reportedly joined a shareholder rebellion at Shell to push for an overhaul of the oil major’s board.
The Times reports this morning that the Local Authority Pension Fund Forum, which represents £350billion of local authority pensions, has recommended voting against Shell’s directors’ pay resolutions, its energy transition plan and most directors, apart from its chairman, at next week’s annual general meeting.
“Given that 2030 is further away than the tenure of most executives and non-executive directors, the incentive framework to deliver a credible transition requires an overhaul, as does the board,” the forum said.
Shell plans to cut emissions to net zero by 2050 but climate campaigners argue it is prioritising shareholder returns over green technologies.
The Church of England has announced plans to vote against the chief executive Wael Sawan and chairman Sir Andrew Mackenzie.
Shell said: “We strongly disagree with the positions . . . taken by some shareholders and advisers.
"Our strategy remains unchanged: to become a net zero energy company by 2050 or sooner.”