Shell to be­come first oil ma­jor link­ing emis­sions with ex­ec­u­tive pay

Tehran Times - - ENERGY -

Royal Dutch Shell plans to set short-term emis­sion re­duc­tion tar­gets and link these tar­gets with ex­ec­u­tive pay, the oil ma­jor said on Mon­day, yield­ing to grow­ing in­vestor pres­sure about es­tab­lish­ing short-term emis­sion goals.

Shell, which didn’t spec­ify tar­gets to­day, plans to set the emis­sion tar­get each year for the fol­low­ing three- or five-year pe­riod, be­gin­ning in 2020 and sub­ject to share­holder ap­proval.

Shell in­tends to link these tar­gets and other mea­sures to its ex­ec­u­tive re­mu­ner­a­tion pol­icy, which will be put to share­holder vote in the An­nual Gen­eral Meet­ing in 2020.

“The an­nounce­ment is part of a drive to in­crease trans­parency around the topic of cli­mate change, and to cre­ate clear bench­marks for per­for­mance,” said Shell, which has so far re­sisted in­vestor calls to start set­ting short-term emis­sion tar­gets.

Ear­lier this year, Shell rec­om­mended that share­hold­ers vote against a pro­posal to set and pub­lish tar­gets that are aligned with the goal of the Paris Cli­mate Agree­ment to limit global warm­ing—and the pro­posal was voted down at the 2018 an­nual meet­ing.

Now Shell and a group of in­sti­tu­tional in­vestors on be­half of Cli­mate Ac­tion 100+, an ini­tia­tive led by in­vestors with more than $32 tril­lion in as­sets un­der man­age­ment, jointly an­nounced the ini­tia­tive.

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