Major investors to attend Royal Dutch Shell AGM as ‘Aiming for A’ support stacks up

Shareholder meeting follows 98% support for similar resolution at BP.

It’s emerged that major investors will attend the Royal Dutch Shell annual general meeting next week in The Hague in support of the ‘Aiming for A’ climate resilience shareholder resolution can be revealed.

Two new investors have declared their support for the resolution spearheaded by UK-based charity investment firm CCLA and the Local Authority Pension Fund Forum. They are Matthew Kiernan’s La Française Inflection Point and Netherlands-based ACTIAM, according to Helen Wildsmith, CCLA’s Head of Head of Ethical & Responsible Investment.

They are in addition to the original co-filers of the motion and investors who declared their support for the Shell resolution at the time of the similar resolution at rival BP – which gained 98% shareholder support last month.

It is understood that many other asset owners and managers will be supporting the proposal, which relates to achieving a high score in environmental data body the CDP’s ranking system.RI understands that the AGM in The Hague on May 19 will be attended by Bill McGrew, Portfolio Manager at the California Public Employees Retirement System (CalPERS), Sylvia van Waveren, Senior Engagement Specialist at Robeco, on behalf of Dutch corporate governance platform Eumedion, and APG Asset Management’s Senior Sustainability Specialist Erik Jan Stork. The Shell AGM will be webcast.

A separate Shell shareholder presentation in London on May 21 will be attended by the Church of England’s National Investing Bodies.

The company – like BP – is backing the motion. Norges Bank Investment Management and many others said they would support the Shell motion when they declared support at BP.

May 19 also sees the annual meeting of Statoil – the third fossil fuel company targeted by the Aiming for A coalition. Arne Loow, Head of Corporate Governance at Fjärde AP-fonden (AP4) will attend the meeting at the Norwegian energy firm.