Royal Dutch Shell shareholders on Tuesday widely rejected a proposal by an environmental group calling for the oil company to set and publish annual targets to reduce carbon emissions.
The vote is a setback for climate activists who are increasing pressure on global oil companies, including U.S. firms Exxon Mobil (XOM.N) and Chevron (CVX.N), to become more ambitious in helping combat climate change.
Around 94 percent of Shell shareholders who cast a vote decided against resolution 21, according to final results reported following the company’s annual general meeting (AGM) in The Hague. Roughly 5 percent of voters abstained.
“The resolution is an unreasonable ask,” said Shell Chief Executive Ben van Beurden, promising to engage further with investors on how the oil company can become more transparent about its plans to tackle climate change.