TotalEnergies AGM: Why Patrick Pouyanné should not be re-elected

Reclaim Finance is calling for shareholders to vote against the re-election of TotalEnergies CEO Patrick Pouyanné at the May 24, 2024, Annual General Meeting. The organization argues that the company's strategy of developing new fossil fuel projects is incompatible with the 1.5°C warming limit and that management has ignored climate-related shareholder resolutions. Reclaim Finance highlights that TotalEnergies was the world's sixth-largest upstream oil and gas developer in 2023 and plans to allocate only 33% of capital expenditure to its low carbon and power division through 2028, while distributing 3.4 dollars to shareholders for every dollar invested in its integrated power business in 2023.

• TotalEnergies is pursuing a fossil fuel expansion strategy that contradicts IEA projections and scientific goals to limit global warming to 1.5°C, ranking as the world's sixth-largest upstream oil and gas developer in 2023.
• The company's investment priorities favor shareholders and fossil fuels over sustainable energy; through 2028, it plans to invest only 33% of capital expenditure in its "integrated power and low carbon molecules" division, and in 2023, it distributed 3.4 dollars to shareholders for every dollar invested in its "integrated power" business.
• TotalEnergies' management has shown resistance to climate-related shareholder engagement, including ignoring a 2023 resolution for Paris Agreement alignment that received 30.4% support and subsequently increasing annual oil production targets by 2% to 3% until 2028.
• The Board of Directors has blocked governance reforms intended to improve climate dialogue, specifically refusing to include a 2024 shareholder resolution on the AGM agenda that called for the separation of the Chair and CEO roles.

APA

Martin, L. (2024). TotalEnergies AGM: Why Patrick Pouyanné should not be re-elected. Reclaim Finance. https://reclaimfinance.org/site/en/2024/05/16/totalenergies-agm-why-patrick-pouyanne-should-not-be-re-elected/

Chicago

Martin, Léo. TotalEnergies AGM: Why Patrick Pouyanné should not be re-elected. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/05/16/totalenergies-agm-why-patrick-pouyanne-should-not-be-re-elected/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=TotalEnergies AGM: Why Patrick Pouyanné should not be re-elected |publisher=Reclaim Finance |date=16 May 2024 |url=https://reclaimfinance.org/site/en/2024/05/16/totalenergies-agm-why-patrick-pouyanne-should-not-be-re-elected/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024totalenergies, author = {Martin, Léo}, title = {{TotalEnergies AGM: Why Patrick Pouyanné should not be re-elected}}, publisher = {Reclaim Finance}, year = {2024}, month = may, url = {https://reclaimfinance.org/site/en/2024/05/16/totalenergies-agm-why-patrick-pouyanne-should-not-be-re-elected/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }