Independent investors urge Equinor to align strategy with climate goals
By Nerijus Adomaitis
OSLO, May 13 (Reuters) -Two of Equinor's ENQR.OL top ten investors will back a shareholder resolution calling on the oil major to align its strategy with global climate goals, which will be voted on at the company's annual general meeting on Tuesday.
Filed by a group of investors led by UK-based Sarasin & Partners, the resolution calls on the Norwegian oil and gas producer to specify how any plans for new oil and gas reserve development are consistent with the Paris Agreement goals.
Storebrand Asset Management and KLP - Equinor's 7th and 8th largest shareholders, respectively - told Reuters they would vote in favour of the motion.
The resolution underlines Norway's dual position as a major oil and gas exporter which at the same time is actively backing international cuts in global greenhouse gas emissions.
The vote comes as investors seek more climate action by oil and gas producers after several scaled back their ambitions in the face of an energy crisis and high prices
Investors in Australia's biggest gas producer Woodside Energy WDS.AX rejected the company's climate plan at its April AGM, while minority shareholders in Shell SHEL.L have also filed a resolution urging the company to align its medium-term carbon reduction targets with Paris goals ahead of its May 21 AGM.
Oslo-based Storebrand Asset Management, which holds a 0.7% stake in Equinor, said the company's current strategy and capital expenditure plans "did not align to its overarching commitment" to the Paris Agreement goals.
"We ... have asked Equinor to be more transparent on capex plans and absolute emission targets, preferably accompanied by sensitivity analysis on shareholder value impacts," Chief Investment Officer Baard Bringedal told Reuters.
KLP, Norway's largest pension fund which holds a 0.6% stake, said its vote in favour of the resolution should be seen as a clear signal to the company that it should revise its energy transition plan.
"We don't see that Equinor's present production plans are aligned with the goals of the Paris climate agreement, which is what we expect from companies," said Arild Skedsmo, a senior advisor for responsible investments.
A third investor, British pension fund Railpen, said it was "disappointed to note Equinor's plan to maintain stable fossil fuel production to 2035 and to continue new reserve exploration and development plans, especially its unsanctioned international projects".
In response to a request for comment, Equinor referred to its board's April 22 response to the motion in which it said shareholders should reject it, adding that the company's energy transition strategy was aligned with the Paris Agreement.
The company was being "flexible" in executing the strategy and adapting to market conditions, the board said.
Equinor in February said it would aim to sustain domestic oil and gas output between 2020 and 2035, while seeking to increase international output by 15% between 2024 and 2030, thanks to new projects in Britain, Brazil and the U.S. Gulf of Mexico.
Norway's government, which holds 67% of Equinor, declined to disclose its voting intention. It said last year it expected Equinor to reduce greenhouse gas emissions in line with the Paris Agreement, but added that the board, not the annual general meeting, should decide its strategy.
Investors push Equinor to align strategy with global climate goal nL2N3GV0MP
Reporting by Nerijus Adomaitis, editing by Gwladys Fouche, Kirsten Donovan
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
