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Article

22 May 2018

Author:
Sarah Kent, Market Watch (USA)

Shell investors vote down global-warming proposal

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Royal Dutch Shell PLC RDSB shareholders voted down Tuesday a proposal requiring the company align its strategy with efforts to limit global warming, signaling support for steps the company has already taken on climate change.  The resolution, put forward by Dutch activist shareholder group Follow This, won just 5% of the shareholder proxy vote.  It called on the company to set emissions targets in line with international ambitions to limit global warming to less than 2 degrees Celsius above pre-industrial levels.  A similar resolution last year garnered support from 6% of investors who voted, but still helped push the company to set some wide-ranging emissions goals...The company had recommended investors vote against the resolution on the grounds its ambitions are already more wide ranging.  It also warned targets are too rigid a tool given the uncertainty around how efforts to limit climate change will play out.  Several investors held back from putting their support behind the resolution in recognition of the company's efforts over the last year, but they still signaled their desire for more action on climate change.  At Tuesday's meeting, a group of 27 investors with nearly $8 trillion under management put their names to a statement calling on the company and others in the industry to do more...Signatories included Legal & General Investment Managers, Aviva Investors and UBS Asset Management, which count among the company's top twenty shareholders, as well as the California Public Employees' Retirement System, the largest pension fund in the U.S...