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Reclaim Finance analysed the 2024 AGM votes of Amundi, the largest European asset manager, across six major oil and gas companies. The analysis finds that Amundi consistently supports the financial accounts of these firms and the re-election of most directors despite their climate strategies being incompatible with a 1.5°C trajectory. The report highlights a particular lack of scrutiny for TotalEnergies, where Amundi is the largest shareholder and voted in favour of all resolutions. While Amundi voted against some chairs and remuneration packages at Shell and BP, it provided no public climate-related justification for these decisions, leading to ambiguity regarding its motivations.

The report finds that five major Swiss financial institutions—UBS, Credit Suisse, Swiss Life AM, Zurich, and Pictet—continue to provide billions in financing and investments to companies expanding coal, oil, and gas production. Despite public net-zero pledges, the authors argue these institutions maintain weak policies with significant loopholes, engage in 'net-zero greenwashing,' and send mixed signals through inconsistent voting practices at shareholder meetings.

Reclaim Finance analyzes the voting results of TotalEnergies' 2022 general meeting, highlighting that 89% of shareholders supported a climate plan the organization deems incompatible with climate urgency. The statement specifically condemns investors like BlackRock and Allianz Global Investors for supporting the plan despite their own public climate commitments, while noting a slight decrease in support for board directors and the emergence of a minority group of climate-engaged shareholders.

Reclaim Finance reports a decline in shareholder support for ambitious climate resolutions and a contradictory tendency for investors to approve 'pseudo-climate plans' that are incompatible with a 1.5°C warming limit. The organization highlights specific voting trends at European oil and gas majors and calls for a shift toward voting against companies continuing fossil fuel development.

The document argues that TotalEnergies' 2022 climate plan is incomplete and incompatible with a 1.5°C pathway, citing a lack of short-term absolute Scope 3 targets and continued investment in oil and gas expansion. It recommends that investors vote against the management-sponsored 'Say on Climate' resolution and oppose the reappointment of specific Directors to signal disapproval of the company's fossil fuel strategy. The briefing also highlights legal and reputational risks associated with the EACOP project in East Africa, greenwashing lawsuits, and the company's continued assets in Russia.

Reclaim Finance argues that ENGIE's climate strategy is insufficient, citing a lack of short-term targets, a reliance on fossil gas, and a coal exit strategy based on asset sales rather than closures. The briefing recommends that investors vote against the 'Say on Climate' resolution and challenge the company on its gas and coal strategies.

The report argues that Rio Tinto lacks adequate governance to manage financial and reputational risks from its industry association memberships, which often lobby against climate policies. It criticises the company's failure to provide transparent disclosures on climate-related financial risks and its lack of executive incentives linked to a low-carbon transition. The authors recommend shareholders support resolution 19 to allow advisory resolutions in Australia and resolution 20 to increase transparency regarding climate lobbying.

Investors and the Union of Concerned Scientists (UCS) have formally requested that Chevron Corporation improve its public disclosures regarding the physical risks climate change poses to its coastal refineries. The authors argue that Chevron's SEC Form 10-K filings fail to address material risks such as sea level rise and enhanced storm surges, despite the vulnerability of specific sites like the Pascagoula, Mississippi and Kapolei, Hawaii refineries. They highlight that the 2005 damage to the Pascagoula refinery from Hurricane Katrina demonstrates the potential for material impacts on production and cash flows.

The briefing argues that Shell exerts significant influence over the Rio+20 process by occupying senior leadership roles in a 'complex and hermetic web' of interlinked business associations and UN-affiliated initiatives. It details Shell's presence in the International Chamber of Commerce (ICC), World Business Council for Sustainable Development (WBCSD), UN Global Compact, IPIECA, and IETA, highlighting how these entities coordinate through Business Action for Sustainable Development 2012 (BASD) to shape sustainable development policy.