Investor attacks Shell

A MAJOR shareholder in Shell has hit out at the oil giant’s climate transition plan ahead of its annual general meeting today.

Royal London Asset management, which has a stake worth around £1.2bn, will abstain on the plan, arguing it didn’t go far enough in cutting out fossil fuels.

The meeting comes amid growing calls for a windfall tax on oil companies as the cost of living crisis mounts.

Carlota Garcia-manas at RLAM said: ‘There is not enough certainty in the plan that it aligns with the goals of the Paris agreement and the global necessary efforts to constraint temperature increases to below 1.5°C.

‘We’d prefer the company to stop all [oil and gas] exploration imminently.’