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11 Mar 2022

Simon Jessop,
Benjamin Mallet, Reuters

Investor Clearway Capital urges TotalEnergies to exit Russia in response to military invasion of Ukraine or face vote

Activist Clearway urges TotalEnergies to exit Russia or face vote, 11 March 2022

Activist investor Clearway Capital has written to the board of French energy major TotalEnergies calling on it to exit its Russian operations in light of the war in Ukraine or face a vote on the issue at its next shareholder meeting.

The move is the first public campaign by such a fund calling out a leading company over its response to Russia's invasion of its neighbour and comes as outrage over the war prompts hundreds of international firms across a range of sectors to pull out...

TotalEnergies has halted fresh investment in Russia and suspended trade in Russian oil but stopped short of exiting the country, which makes up 24% of its proven reserves and includes a stake in gas producer Novatek.

After engaging with a number of the company's top shareholders, Clearway Capital founder Gianluca Ferrari on Friday said in a letter seen by Reuters that he was urging the board to immediately commit to exiting Russia.

"We believe there to be a groundswell of support among the company's shareholder base for decisive action from TotalEnergies," Ferrari told Reuters...