Major Oil Company Supports Shareholder Resolution on Climate Change

February 2, 2015

Royal Dutch Shell’s Support for Resolution Co-Filed by United Church Funds Shows Progress in the Global Discourse

Last week, the Board of Directors of Royal Dutch Shell decided to support a shareholder resolution requiring the company to commit to reduce emissions and invest in renewable energy, to do away with bonus systems that promote climate harming activities, and to stress test its business model against the 2ºC warming limit advised by the UN’s Copenhagen Accord.

United Church Funds co-filed the shareholder resolution at Royal Dutch Shell and a similar resolution at BP as part of the “Aiming for A” Coalition of investors, coordinated by ClientEarth and ShareAction.

“This is a remarkable outcome for a shareholder resolution, especially given the importance of 2015 – when in September the world’s leaders will meet in Paris to try to reach a workable climate solution. For a major oil company to recognize its role is groundbreaking,” says Katie McCloskey, director of Social Responsibility.

United Church Funds has been an active shareholder for climate, focusing much of its efforts this year on resolutions that seek disclosure on greenhouse gas emissions and setting climate targets.

 
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