I am watching the Shell AGM and it has been disrupted by a campaign group chanting “Welcome to Hell” that has gone on for more than 15 minutes now.
Chairman Sir Andrew McKenzie has not taken vigorous action to stop the disruption. He should have ejected the objectors or suspended the meeting until order was resumed.
As a shareholder in Shell I consider this attempt to defeat the purpose of the meeting is an absolute disgrace.
As at the BP AGM, the Chairman was totally ineffective in controlling the mob.
Postscript: after 3 hours I am still watching the AGM. It has become more civilised after an attempt by some attendees to storm the top table. The CEO, Wael Sawan, made a good speech which covered the company’s decarbonisation programme. The target is net zero emissions by 2050. The plan is a balanced energy transition. He said that cutting supply while demand is unchanged does not work.
Based on the proxy vote counts, 80% of shareholders voted against Resolution 26 (the one requisitioned by protestors) while 80% supported the boards resolution (no. 25). That’s a quite decisive support of the company’s strategy.
There were some intelligent questions in the Q&A session and a few complaints about the timing and venue.
How to make these meetings shorter and avoid disruption by a vociferous minority? Could I suggest: more vetting of attendees or just make it an on-line only meeting. A more vigorous role by the Chairman would also help.
Roger Lawson (Twitter: https://twitter.com/RogerWLawson )
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A business in which the Chair is ineffective in one of his principal roles has no long-term future. So here are two more British companies which are un-investable – and these are two of the largest. I’d say BP and Shell are suitable only for traders until they have new Chairs.
I totally agree. A disgraceful display of incompetence.