A resolution brought by eleven investors to constrain Total to more ambitious climate targets, but opposed by management, was rejected by shareholders Friday during the general meeting of the oil and gas group.
This resolution, supported by La Banque Postale Asset Management, Crédit Mutuel and even Meeschaert, was put on the agenda because the shareholders supporting it exceeded the threshold of 0.5% of the capital.
But she did not have the support of the company’s board of directors.
It is rejected by a very large majority since it is rejected by 83.20%
announced CEO Patrick Pouyanné at the annual general meeting of shareholders, which was held behind closed doors for health reasons.
The NGO Reclaim Finance for its part judged that the score of 16.8% in favor of the resolution marked a historic turning point
.
The purpose of the resolution was to modify the statutes of the oil group in order to reinforce the contribution of its economic model to the achievement of the Paris Climate Agreement
, said management company Meeschaert, which coordinated the shareholders’ initiative.
“It’s not Total that decides if an airplane will use kerosene to fly”
They asked Total for an action plan to reduce its greenhouse gas emissions in absolute terms
including indirect emissions, insofar as the use of products sold represents 85% of Total’s greenhouse gas emissions
.
Total recently announced a new target of carbon neutrality by 2050
. But the group is committed to neutrality on the use of its products by the end consumer in Europe only.
Adopting the proposed resolution would make your company responsible for programs over which it is unable to act, only customers who have direct control over them.
, had judged the board of directors.
Patrick Pouyanné also mentioned these indirect issues in the introduction to the GA: we are not responsible for this because they depend on the energy consumption choices of our customers
.
Total does not make airplanes, make cars, make cement, and it is not Total who decides whether an airplane will use kerosene or electricity or hydrogen to fly
, he argued.
– .
