Shareholders of Anglo-Dutch supermajor Shell will have their say on the company’s energy transition strategy in May this year.
Shell said that this is the first time that an energy company has asked shareholders to vote on its energy transition scheme.
Nevertheless, the vote is purely advisory and will not be binding and the final decision rests on Shell’s board and executive committee.
“As we transform our business, it is more important than ever for shareholders to understand and support our approach,” says Royal Dutch Shell CEO, Ben van Beurden. “We are asking our shareholders to vote for an energy transition strategy that is designed to bring our energy products, our services, and our investments in line with the goal of the Paris Agreement and the global drive to combat climate change.”
The decision to seek an advisory vote was announced in February as part of Shell’s Powering Progress strategy, which aims to accelerate the transition of the company’s business to net-zero emissions, in step with society.
Shell said it will publish an update to its energy transition strategy every three years until 2050 and seek an advisory vote on its progress every year, starting in 2022.