Judge in court action brought by Dutch activists described Shell climate plan as “rather intangible, undefined and non-binding”.
The oil industry experienced a landmark moment last week. A Dutch court ruled that Shell’s climate action plan fell far short of what was expected. And while the fossil fuel industry may be looking on aghast, there are lessons for investors too.
Shell had been making headlines for at least a week before the court ruling in the Netherlands on the 26 May because of its annual meeting, a few days earlier, and a looming “say on climate” vote on the company’s plans for cutting carbon emissions.
Despite much speculation, Shell’s plan received 89% shareholder approval—a hefty number although short of the 95% considered overwhelming
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda