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Most of the shareholders of Total SA voted on Friday against a resolution put forward by a group of investors demanding the French oil and gas supermajor amend its by-laws to do more under the Paris Agreement goals.
Total’s shareholders approved all resolutions put forward by the company’s board of directors, while a vast majority, or 83.2 percent, of shareholders rejected a resolution that was proposed by a group of shareholders and that the Board of Directors recommended not to approve, Total said in a statement.
Earlier this month, Total became the latest European oil major – after BP, Eni, and Shell – to announce a new climate ambition to get to net zero emissions by 2050. Under Total’s plan, the French company committed to become a Net Zero Emission Company for all its European businesses by 2050.
“We are determined to advance the energy transition while also growing shareholder value. Today, we are announcing our new Climate Ambition to get to Net Zero by 2050 - together with society. The Board believes that Total’s global roadmap, strategy and actions set out a path that is consistent with goals of the Paris agreement,” chairman and CEO Patrick Pouyanné said in early May.
In recent years, oil and gas majors have been under intense pressure from investors to do more to mitigate climate change and provide greater transparency in their climate-risk and lobbying reporting.
This week, climate-related resolutions were put to the vote at the shareholders’ meetings of the two U.S. supermajors, Exxon and Chevron, too.
Exxon’s shareholders rejected proposals for a report on lobbying and a report on the risks of petrochemical investments.
A shareholder proposal at Chevron, urging it to report on climate lobbying aligned with Paris Agreement Goals, however, passed, as some 53 percent of the votes cast voted for the proposal to report on climate lobbying.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.