Shell’s AGM has been derailed by climate activists protesting against the company’s continued development of fossil fuels, with chair Andrew MacKenzie forced to delay proceedings for almost three hours after dozens gained entry to the meeting.
Under the ornate domed roof of London’s Central Hall Westminster, protesters — who all had to be shareholders in the energy supermajor to gain access — chanted and shouted, with some gluing themselves to seats. Scores more demonstrated outside the building.
“Shell must fall” and “your profits will only drown us out for so long,” the group of around 50 shareholders shouted, as they promised to chain themselves to Shell’s “fossil fuel pipelines” and sung “we will stop you” to the tune of the Queen’s 1977 hit We Will Rock You.
MacKenzie said that some of the group had glued themselves to their chairs and after 90 minutes asked other shareholders to clear the room to enable police to arrive and remove the activists. After their removal, others continued to sing outside as the meeting restarted two hours and 40 minutes late.
The disruption came as Shell, which simplified its Anglo-Dutch structure in December by relocating its headquarters to London, prepared for shareholders to vote on its energy transition plan to become a net zero carbon emissions business by 2050.
At last year’s meeting, nearly 89 per cent of shareholders backed the proposal, although that fell short of the 95 per cent that is usual for resolutions put forward by management. At the same meeting 30 per cent voted in favour of a rival resolution from Dutch shareholder activist group Follow This, which said Shell’s plan did not go far enough and was not aligned with the requirements of the 2015 Paris climate accord.
In a statement released on Tuesday morning, Shell said: “We respect the right of everyone to express their point of view and welcome any engagement on our strategy and the energy transition which is constructive. However, this kind of disruption of our AGM is the opposite of constructive engagement.
“We agree that society needs to take urgent action on climate change. Shell has a clear target to become a net zero emissions business by 2050.”
Shell, Europe’s largest oil and gas company, says it will reduce emissions from its own operations, known as scope 1 and scope 2, by 50 per cent by 2030. But it has appealed against a landmark Dutch court ruling last year that compelled it to also commit to a 45 per cent reduction in the scope 3 emissions that are produced when the fuel it sells is burnt.
Shell, which is increasing its investments in renewable energy and other lower-carbon technologies, says its oil production has already peaked and will now fall each year. But it has also said it plans to continue to explore for oil and gas until 2025.
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