Oil companies face increasing investor pressure on climate change action

May 18, 2018 6:01 PM ETShell plc (SHEL)SHEL, APC, CHK, RRC, KMIBy: Carl Surran, SA News Editor443 Comments
  • Some of the world's biggest fund managers are set to raise the pressure on oil and gas companies at upcoming annual shareholder meetings, worried that a lack of action over fighting climate change could risk their investments.
  • A group of investors which oversee a combined $10.4T in assets plan to ttake up the issue at Royal Dutch Shell's (RDS.A, RDS.B) meeting this week, in which shareholders will vote on a resolution requesting the company set specific targets to tackle climate change.
  • This week, a majority of investors at Anadarko Petroleum (NYSE:APC) approved a non-binding but symbolically important resolution calling on APC to issue a report about how the company’s bottom line would fare in a world aggressively cutting carbon emissions.
  • A vote on a similar proposal at Chesapeake Energy (NYSE:CHK) will not proceed after the company reportedly committed to produce the report by year’s end in an agreement with the New York State Common Retirement Fund.
  • Investors at Range Resources (NYSE:RRC) also approved a resolution urging more action to cut methane emissions.
  • Last week, a majority of Kinder Morgan (NYSE:KMI) approved a resolution calling for a report on how its business would fare amid steep carbon reductions and another calling for an annual sustainability report.

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