17th May 2019 08:39
LONDON (Alliance News) - Oil company Royal Dutch Shell PLC said Friday that it will propose to withdraw a climate resolution put forward by a shareholder group after reaching an agreement with investors on the issue.
Shell will propose to withdraw Resolution 22, requisitioned by a group of shareholders led by climate activist group Follow This.
The Anglo-Dutch company in December 2018 published plans to introduce targets to reduce greenhouse gas emissions and link them to executive pay. Despite this, the activist group put forward a resolution for the company to sharply reduce its emissions.
"Follow This has now collected written support to request the withdrawal of the shareholder resolution from all of the shareholders who originally requisitioned the resolution," Shell said.
Shell maintains that Resolution 22 is not in the best of interests of the company and its shareholders as a whole and unanimously recommended shareholders vote against Resolution 22.
Class A shares of Shell were up 0.5% at 25.35 pence each on Friday morning.
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