AGMs 2024: Time to oppose oil and gas expansion through votes

Reclaim Finance calls for a radical change in investor engagement with the oil and gas industry, arguing that current practices have failed to align the sector with a 1.5°C trajectory. The organization recommends that investors suspend new investments and use strategic routine votes—such as those for director re-election, remuneration, financial accounts, and dividends—to sanction companies continuing fossil fuel expansion. It specifically targets proxy advisors like ISS and Glass Lewis for failing to support climate action and suggests that dividends should be opposed unless 50% of capital expenditure is dedicated to sustainable energy.

• Current investor engagement has failed to align the oil and gas sector with a 1.5°C trajectory, with 96% of companies in the sector continuing to expand fossil fuels, including majors such as Shell, BP, and TotalEnergies.
• Reclaim Finance recommends that investors move beyond non-binding climate resolutions and instead integrate climate criteria into strategic routine votes to block fossil fuel expansion. This includes voting against the re-election of directors and executive remuneration to hold management accountable for inadequate climate strategies.
• Investors are encouraged to oppose the approval of financial accounts and the reappointment of auditors because oil and gas companies are failing to incorporate transition risks and the potential for 'stranded assets' into their accounts.
• The oil and gas sector currently allocates only 2.5% of total capital expenditure to clean energy. Reclaim Finance suggests investors vote against dividends and share buybacks unless companies invest 50% of their capital expenditure in sustainable energy.
• Proxy advisors ISS and Glass Lewis are criticized for failing to support climate action, specifically for recommending votes against climate-related shareholder resolutions at BP and Shell in 2023.

APA

Martin, L. (2024). AGMs 2024: Time to oppose oil and gas expansion through votes. Reclaim Finance. https://reclaimfinance.org/site/en/2024/04/09/agms-2024-time-to-oppose-oil-and-gas-expansion-through-votes/

Chicago

Martin, Léo. AGMs 2024: Time to oppose oil and gas expansion through votes. Reclaim Finance, 2024. https://reclaimfinance.org/site/en/2024/04/09/agms-2024-time-to-oppose-oil-and-gas-expansion-through-votes/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=AGMs 2024: Time to oppose oil and gas expansion through votes |publisher=Reclaim Finance |date=9 April 2024 |url=https://reclaimfinance.org/site/en/2024/04/09/agms-2024-time-to-oppose-oil-and-gas-expansion-through-votes/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2024agms, author = {Martin, Léo}, title = {{AGMs 2024: Time to oppose oil and gas expansion through votes}}, publisher = {Reclaim Finance}, year = {2024}, month = apr, url = {https://reclaimfinance.org/site/en/2024/04/09/agms-2024-time-to-oppose-oil-and-gas-expansion-through-votes/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }