A view shows a board with the logo of Shell at the company's fuel station in Saint Petersburg, Russia May 6, 2022. REUTERS/Anton Vaganovnon-binding climate resolution at the energy company's annual general meeting on Tuesday, according to a document seen by Reuters.
Shell formulates its climate targets in terms of carbon intensity, which allows for higher overall emissions on the back of higher output, even if the headline intensity emissions count falls."We would prefer to see all targets set out in terms of absolute emissions, not intensity," PIRC said. Claims on carbon capture and storage as well as forestry-derived carbon offsets were not clear enough, it added.
The Local Authority Pension Fund Forum, a British shareholder group with assets under management of around 350 billion pounds that says it has a collective 4% holding in Shell, will also vote against Shell and for Follow This.Two other major proxy advisory groups, ISS and Glass Lewis, recommended to support Shell's climate resolution and reject Follow This, documents show.