Schroders urges oil & gas majors to publish climate targets consistent with Paris Agreement

Schroders today announces it is pre-declaring its voting intentions for three oil & gas majors, Chevron, ExxonMobil and Shell, to encourage a faster shift towards net zero.

The goal of the Paris Agreement, which came into force in November 2016, is to limit global warming to well below 2°C, and to aim for 1.5°C, compared to pre-industrial levels.

Schroders has already recently supported similar resolutions at BP, ConocoPhillips, Occidental Petroleum and Phillips 66.

This follows the publication of Schroders Engagement Blueprint which has set new standards on active ownership and targets on engagement and Schroders’ recent commitment to supporting workers’ and digital rights ahead of tech companies’ annual general meetings.

Through constructive and committed engagement with management teams at the companies and assets we invest in, active ownership is a key element of the value we bring to our clients.

Tim Goodman, Head of Corporate Governance, Schroders, commented:

“For Chevron, ConocoPhillips, ExxonMobil and Phillips 66 our decision to vote for these shareholder resolutions reflects our aspiration for these companies to show more ambition and transparency in their transition to net zero.

“While most of these companies now have an ambition to achieve net zero greenhouse gas emissions by 2050 or sooner, their ambition is limited to their operational (Scope 1 and 2) emissions only. These companies are lagging behind peers in setting net zero targets that take into account the carbon emissions of the oil and gas that they sell.”

Carol Storey, Active Ownership Manager, Schroders, commented:

“For BP, Shell and Occidental Petroleum our decision to vote for these shareholder resolutions is a signal of our desire for these companies to continue to demonstrate their focus on reaching net zero.

“All three have an ambition to achieve net zero greenhouse gas emissions by 2050 or sooner across Scope 1, 2 and 3 emissions relating to operations and the use of energy products and are making progress in setting interim climate targets. We also support the climate reports BP and Shell’s management have presented to shareholders, reflecting the progress they have made in strengthening and broadening their climate targets and developing their decarbonisation strategies.”

Schroders has a long history of engagement and active ownership, having recorded and monitored our engagements for more than 20 years. Over that time we have influenced significant change, and helped the companies in which we invest improve their environmental, social and governance performance.

We believe it is important to be transparent with companies, clients and other key stakeholders about our active ownership priorities. This ensures that clients understand how we plan to execute active ownership responsibilities on their behalf, and companies understand key areas on which we will focus.

Please see below a list of the shareholder proposals which Schroders is pre-declaring its intention to vote for at Chevron, ExxonMobil and Shell. Please note that we are still considering other agenda items at the Chevron and ExxonMobil meetings - we are likely to be voting against the boards’ recommendations for other proposals in addition to these shareholder proposals:

  • Chevron (Item 5 - Stockholder proposal to adopt medium- and long-term GHG reduction targets)
  • ExxonMobil (Item 6 - Reduce Company Emissions and Hydrocarbon Sales)
  • Shell (Resolution 21 - Set and publish targets that are consistent with the goal of the Paris Climate Agreement)


For further information, please contact :

Jennifer Manser O’Rourke, Head of Corporate Communications, North America

+ 1 212 632 2947


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