Schroders pushes oil majors to move to net zero

Schroders has said that it is pre-declaring its voting intentions for three oil & gas majors to encourage a faster shift towards net zero.

Schroders has said that the shareholder proposals which it is pre-declaring its intention to vote for include Chevron, ExxonMobil and Shell. The firm says it is likely to be voting against the boards’ recommendations for these shareholder proposals:

• Chevron (Item 5 – Stockholder proposal to adopt medium- and long-term GHG reduction targets)
• ExxonMobil (Item 6 – Reduce Company Emissions and Hydrocarbon Sales)
• Shell (Resolution 21 – Set and publish targets that are consistent with the goal of the Paris Climate Agreement)

Tim Goodman, Head of Corporate Governance, Schroders, says, “While most of these companies now have an ambition to achieve net zero greenhouse gas emissions by 2050 or sooner, their ambition is limited to their operational (Scope 1 and 2) emissions only. These companies are lagging behind peers in setting net zero targets that take into account the carbon emissions of the oil and gas that they sell.”