TotalEnergies: the shareholders who voted for climate backsliding in 2025

Reclaim Finance reports that the vast majority of TotalEnergies' top global, European, and French shareholders approved management resolutions at the 2025 annual meeting, including CEO remuneration and director re-election. The analysis highlights a disconnect between these votes and science-based climate recommendations, noting that TotalEnergies remains the 6th largest oil and gas field developer globally as of 2024 and has increased planned oil and gas production. While a few shareholders like Union Investment and Ofi Invest AM voted against specific strategic resolutions, the overall average approval rate for management proposals was 94.8%. Reclaim Finance criticizes shareholders for prioritizing short-term financial returns, such as dividends and share buybacks, over the energy transition.

• TotalEnergies' corporate strategy is actively expanding fossil fuel capacity, contradicting IPCC and IEA 1.5°C trajectories. In 2024, the company was the 6th largest oil and gas field developer globally and has increased its planned oil and gas production while reducing investment forecasts for low-carbon activities for 2030.
• The majority of TotalEnergies' largest shareholders provided strong support for management in 2025, with an average approval rate of 94.8% for proposed resolutions. This includes the re-election of director Lise Croteau and the remuneration of CEO Patrick Pouyanné, despite the company's refusal to hold a 'Say on Climate' vote in 2025.
• A small number of shareholders took escalation measures by voting against specific strategic resolutions. Union Investment, DEKA, and Ofi Invest AM voted against the re-election of Lise Croteau; Ostrum AM, La Banque Postale AM, and Ofi Invest AM voted against the CEO's remuneration; and only La Française – Crédit Mutuel AM refused to approve the financial statements.
• Shareholders are accused of prioritizing short-term financial gains over climate risk mitigation, evidenced by the near-unanimous approval of dividends and share buybacks. In 2024, TotalEnergies allocated 4 dollars to shareholders for every 1 dollar invested in electricity generation activities.
• Certain shareholders showed inconsistency in their climate-related voting between 2024 and 2025. DWS, Dimensional Fund Advisers, and UBS Asset Management voted against the climate plan in 2024 but approved all resolutions in 2025.

APA

Manickawasagar, A. (2025). TotalEnergies: the shareholders who voted for climate backsliding in 2025. Reclaim Finance. https://reclaimfinance.org/site/en/2025/11/07/totalenergies-the-shareholders-who-voted-for-climate-backsliding-in-2025/

Chicago

Manickawasagar, Aatiraï. TotalEnergies: the shareholders who voted for climate backsliding in 2025. Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/11/07/totalenergies-the-shareholders-who-voted-for-climate-backsliding-in-2025/.

Wikipedia

{{cite press release |last1=Manickawasagar |first1=Aatiraï |title=TotalEnergies: the shareholders who voted for climate backsliding in 2025 |publisher=Reclaim Finance |date=7 November 2025 |url=https://reclaimfinance.org/site/en/2025/11/07/totalenergies-the-shareholders-who-voted-for-climate-backsliding-in-2025/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{manickawasagar2025totalenergies, author = {Manickawasagar, Aatiraï}, title = {{TotalEnergies: the shareholders who voted for climate backsliding in 2025}}, publisher = {Reclaim Finance}, year = {2025}, month = nov, url = {https://reclaimfinance.org/site/en/2025/11/07/totalenergies-the-shareholders-who-voted-for-climate-backsliding-in-2025/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }