Investment - Articles - RLAM abstains on Shells climate transition plan


Commenting ahead of Shell’s AGM on Tuesday 17th May, Carlota Garcia-Manas, Head of Engagement at Royal London Asset Management (RLAM), said:

 “RLAM has decided to abstain on Shell’s climate transition plan. We acknowledge the considerable progress made in Shell’s climate efforts and the 2021 delivery, however, we cannot fully support the plan as it currently stands.

 “In our view, there is not enough certainty in the plan that it aligns with the goals of the Paris agreement and the global necessary efforts to constraint temperature increases to below 1.5 degree Celsius. Our vote reflects RLAM’s upgraded Net Zero engagement strategy, triggered by our commitment to the Net Zero Asset Managers Initiative (NZAMI)1..

 “Shell’s climate plan is heavily reliant on nature-based offsets and divestments. It also includes strategies to continue new oil and gas frontier exploration between now and 2025. We would prefer the company to stop all exploration imminently in line with the most recent IEA2 and IPCC3 reports. We will continue our engagement on those topics, as we would like to see more stringent short and medium-term targets that seek to reduce emissions in absolute terms and for all emission scopes, including scope 34.

 “Our engagement will also focus on the issues within Shell’s climate transition plan that undermine the credibility of their strategy. We have discussed with the company RLAM’s 12 milestones3 on climate and we were encouraged by the company’s inclusion of the full business value chain in its climate considerations and commend their robust and transparent scorecard for remuneration.”  

Back to Index


Similar News to this Story

Pensions can help HENRYs take control
Growing numbers of HENRYs – High Earners, Not Yet Rich - are finding six-figure salaries don’t stretch as far as expected. With less than six months t
Bull run on pause as investors take stock of stellar gains
FTSE holds near 9,500. Ibstock profit warnings as customers brick it over Budget. US futures up a touch. Investors digest Washington deadlock and Q3 e
Momentum in the BPA market continues
Standard Life research reveals 48% of DB schemes favour buy-in as their endgame strategy. Of these schemes, 40% plan to approach an insurer about a tr

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.