Shell’s shareholders to vote on energy transition strategy

The Hague-based LNG giant Shell said Thursday it would put its new energy transition strategy to shareholders for an advisory vote at the company’s upcoming annual general meeting.

According to Shell, this marks the first time that an energy company has asked shareholders to vote on its energy transition strategy.

Shell will hold its annual general meeting at its Hague headquarters on May 18. The vote is purely advisory and would not be binding, Shell said.

“As we transform our business, it is more important than ever for shareholders to understand and support our approach,” said chief executive Ben van Beurden.

“We are asking our shareholders to vote for an energy transition strategy that is designed to bring our energy products, our services, and our investments in line with the goal of the Paris Agreement and the global drive to combat climate change,” he said.

This publication sets out the company’s target to achieve net-zero emissions by 2050, in step with society’s progress towards the goal of the Paris Agreement on climate change, the firm said.

It also describes Shell’s short- and medium-term climate targets, customer-focused decarbonisation strategy, capital allocation, and approach to climate-related policy and advocacy, it said.

Shell will publish an update to its strategy every three years until 2050. Every year, starting in 2022, it would also seek an advisory vote on its progress towards its plans and targets, it said.

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