Shell Plc’s annual shareholder meeting was disrupted for over an hour as activists protested against the company’s climate plans, before investors overwhelmingly supported the board and chief executive officer.
Chairman Andrew Mackenzie had barely started his welcome address when about a dozen activist shareholders stood on seats a few rows back from the stage and began to sing to the tune of ‘Hit the Road Jack.’
“Go to hell, Shell, don’t you come back no more,” they sang.
The protests came with Shell facing a vote to increase its climate ambitions following a year of record profit. The measure from activist shareholder group Follow This got support from small but notable investors including the Church of England Pension Board, with an initial tally showing just over 20% of investors backing it.
New Chief Executive Officer Wael Sawan has signaled that he’s focused on delivering value. In remarks at Tuesday’s meeting, he warned that quickly reducing oil and gas by companies like Shell would only create price volatility and spur production of higher-polluting energy. The company’s current strategy is to deliver decarbonization by enabling its customers to cut emissions, he said.
“We alone will not be able to make the transition happen, but we can be a great catalyst for the transition,” Sawan said.
Shell should be investing its earnings in the energy transition, and not roll back its climate ambitions, Mark van Baal, the founder of Follow This, said in a statement. It was echoed by others at the meeting.
The choir’s song was followed by a lengthy disruption from an activist who chided the board for earning billions of dollars in profit from selling fuels that are a primary cause of climate change. The protester was later removed by security.
About an hour into the event, some activists rushed toward the stage where Shell’s board members sat behind two rows of tables. A half dozen security guards jumped on to the podium to keep the protesters away. Other guards apprehended and carried them out of the room.
Last month, BP Plc’s shareholders also voted against a similar climate measure and supported the company’s board.
(Updates with vote results and detail on interruptions.)
