Follow This and 23 institutional investors, including Lothian Pension Fund, have filed shareholder resolutions for the 2026 Annual General Meetings of Shell and BP requesting disclosure of shareholder value creation under declining oil and gas demand.
The resolutions request that both companies disclose strategies for creating shareholder value under scenarios of declining oil and gas demand and marks a strategic shift requesting financial performance and value creation rather than Paris-aligned emissions reduction targets. The co-filed institutional investors have 1.5 trillion-euro assets under management and for the first time, current and former Shell employees have co-filed the resolution.
Climate impacts such as floods, heatwaves, fires, and extreme weather already affect the global economy and investment portfolios; however, many investors remain cautious about supporting climate-labelled resolutions. Financial risk is a concern shared by all shareholders.
Gillian de Candole, Head of Responsible Investment, Lothian Pension Fund, said:
“As an active owner, we expect the companies in which we invest to be transparent about the strategic levers their management can utilise to create resilience and generate shareholder value under a range of plausible scenarios. We acknowledge complexity in the shifting regulatory environment and macroeconomic impacts of climate change. This is particularly relevant for companies in the energy sector where the energy transition requires both capital and time for progress to be achieved. We are engaging with BP and Shell to enhance their strategic resilience.”
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