Press Release
The Peoples AGM Slams Norges Bank over re-election of Shell’s Directors, Energy Transition Strategy

The Peoples AGM Slams Norges Bank over re-election of Shell’s Directors, Energy Transition Strategy

ABUJA, NIGERIA. May 17, 2024…. The Peoples AGM, a Pan-Nigeria Civil Society platform campaigning for the enforcement of Paris Climate Agreement has expressed deep concern over the announcement by Norges Bank Investment Management (NBIM), one of the largest shareholders in Shell that it will vote for the re-election of all Shell directors at the 2024 AGM scheduled for May 21, 2024. Additionally, it will not join the 27 institutional investors which filed a resolution calling for Shell to align its climate targets with the Paris Agreement.

Convener of the Peoples AGM, the Rev. David Ugolor who is also the Executive Director of Africa Network for Environment and Economic Justice (ANEEJ), made this position known in a statement issued to journalists in Abuja, Nigeria. 

While frowning at Norges Banks’s position, Ugolor urged other shareholders to vote against the re-appointment of all the directors and reject Shell’s energy transition strategy at the 2024 AGM, because of its non-alignment with Paris Climate Agreement.

“The decision shows the Fund is putting profit above responsibility to our climate and to oil-affected communities. Shell’s climate plan is as full of holes as its promises to Niger Delta communities. NBIM failing to challenge Shell’s directors at the AGM undermines our faith in Norway’s officials. Their claim to achieve justice as the company departs the Niger Delta is so far turning out to be an empty word”, Ugolor averred.

“We are equally disappointed to see that for another year NBIM has missed the opportunity to align Shell with global climate efforts. NBIM has struggled to engage with Shell over the environmental and ethical issues facing the Niger Delta for over ten years with pitiful progress and continued devastation to communities. Ugolor noted.

“NBIM’s votes signal that the fund endorses the company’s oversight, management, and disclosure of climate related risks. As a top shareholder in Shell and many other global oil and gas companies, NBIM should be using all the tools necessary to steward companies, align itself with the Paris agreement and promises listed in its own Climate Action Plan,” Ugolor concluded.

The Peoples AGM Platform further urged other shareholders to follow the example set by the Church of England Pension Board and the Dutch healthcare pension fund PFZW who have dumped some oil companies for lack of credible climate strategy.

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