However, despite expressing some reservations over both votes, LGIM turned against the management strategy in favour of Follow This. Some of the group’s largest funds held by UK investors and pension plan customers include Shell among their biggest holdings. The shorter-term targets will include a modest decrease in oil production and an expansion of its gas business. However, Follow This said Shell’s absolute emissions could fall by as little as 10% over the next 10 years. Ben van Beurden, Shell’s chief executive, said shareholder support “is critical” as the company works towards its target of becoming a net zero emissions business by 2050.

Source: The Guardian May 24, 2021 05:00 UTC