A coalition of 23 international investors coordinated by Follow This and representing more than 1.5 trillion euros in assets under management, including the Ethos Foundation and several Swiss pension funds, is asking Shell and BP to explain how they intend to create value in a world where demand for oil and gas is set to decline.
The coalition of 23 international investors, including the Ethos Foundation and several Swiss pension funds, representing 1.5 trillion euros in assets under management and coordinated by the Dutch NGO Follow This, has filed a shareholder resolution at the 2026 AGM of Shell and another, identical, at the BP’s 2026 AGM.
These resolutions call on the two fossil fuel companies to detail their strategy for continuing to create value in the context of an expected decline in demand for gas and oil. As a reminder, the International Energy Agency (IEA) scenario, which takes into account announced government policies (STEPS), forecasts that demand for oil will peak in 2030 and demand for gas by 2035 at the latest.
“Every shareholder has the right to know how the board of directors intends to continue creating value in the scenarios of declining demand predicted by the IEA”, says Mark van Baal, founder of Follow This. “With greater transparency, investors will be better able to assess the potential performance of their portfolios in all circumstances." He points out that in 2020, when demand for oil fell, BP and Shell reduced their dividends by 50% and 66% respectively.
Putting climate strategy at the heart of governance
These resolutions fall within the scope of corporate governance and risk management. They have two objectives: to increase shareholder pressure on the management of the companies they co-own and to reignite the debate on the medium- and long-term financial viability of fossil fuels. If shareholder pressure intensifies and the financial viability of oil and gas declines, Shell and BP will ultimately have only one alternative: to embark on a rapid transition and record massive losses on their investments in fossil fuels.
“We remain convinced that companies currently active in fossil fuels have a role to play in the transition to a more sustainable economy, which is more necessary than ever”, emphasises Vincent Kaufmann, CEO of the Ethos Foundation. "They have not only the capital but also the knowledge and expertise to do so. Conversely, if they do not quickly redirect investments towards low-carbon energies, the shareholders of these two companies will face significant losses in value."
Pension funds and employees among the co-signatories
These two resolutions were co-filed by investors including pension funds, insurers and asset managers from the UK, the Netherlands, Belgium, France and the US but also Swiss pension funds, including some members of the Ethos Foundation (the Zurich City Pension Fund (PKZH) and the Bernese Pension Fund (CPB)) and the Swiss Federal Pension Fund PUBLICA.
Link to Follow This press release with list of co-signatories
For the first time, current and former Shell and BP employees are also among the co-signatories of these resolutions. “As Shell employees, we want the company to have a future,’ a former Shell employee told Follow This. The board of directors must be transparent about how Shell plans to create value as fossil fuel demand declines. Shareholders and employees need this information to make informed decisions about whether to stay or to go.»
It should also be noted that Shell and BP shares are not included in the investment funds offered by Ethos due to the two companies' activities in unconventional fossil fuels, a sector excluded by Ethos. The Ethos Foundation has therefore acquired one share in each company in order to be able to participate in general meetings and co-file these resolutions alongside some of its members.
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