Investor in Suriname TotalEnergies gets black eye
TotalEnergies suffers investor revolt over climate goals
Amsterdam, 27 May 2023 –Over 30% back activist motion against French oil group at annual meeting as police use tear gas against protesters
A large group of TotalEnergies shareholders has urged the French oil and gas company to speed up efforts to switch to cleaner energy at an annual meeting marked by protests and clashes between police and climate activists.
More than 30 per cent of investors supported a resolution filed by [17 institutional investors] and Dutch activist shareholder Follow This calling for Total to cut its emissions at a faster pace by 2030.
The rebuke — significant by the common standards of annual shareholder meetings — echoes other calls pressing for faster transition plans at rivals including Shell. A similar activist motion at Total in 2020 garnered support from 17 per cent of investors. […]
Follow This urged Total to do more to reduce its emissions by 2030, particularly those known as Scope 3, which covers carbon emissions produced by a product during its entire lifetime. It has suggested the company should end new oil and gas projects as a first step.
We thank the 17 institutional investors that filed the climate resolution and the investors that followed their leadership by voting in favour of the resolution. They acted as true stewards of the global economy.
These 17 institutional investors from France, Belgium, the Netherlands, the UK, and the US have € 1.1 trillion assets under management.
The alliance includes Achmea Investment Management, ASR AM, Degroof PetercamAM, Edmond de Rothschild Asset Management, La Banque Postale Asset Management & Tocqueville Finance, La Financière de l’Echiquier, Mandarine Gestion, Man Group, Meeschaert Asset Management, MESSIEURS HOTTINGUER ET CIE – GESTION PRIVEE, MN, Ofi Invest Asset Management, PGGM Investments, Sycomore Asset ManagementAM, and Sanso Investment Solutions.