These investors, more and more, who say no to TotalEnergie’s climate strategy

They are ten who have publicly announced that they will vote against TotalEnergie’s climate strategy during GA on Wednesday 25 May. A minority group who should not change the outcome of the vote, but who could give ideas to other foundations, far less anecdotal.

The movement has gained momentum since last year and may shake up TotalEnergie’s general meeting this year. While the general meeting of the French oil group is being held in a disturbed context on Wednesday, May 25, several shareholders have decided to condemn its climate strategy.

Among them OFI AM, owned by Macif and Matmut, and Meeschaert Amilton AM, who had already voted against this strategy last year. Today, the two investors are renewing their voices.

Still too much investment in exploration

“The challenge for us is to have commitments that allow us to measure fit with a 1.5 degree scenario, and that’s still missing,” recalls Aurélie Baudhuin, director of SRI research at Meeschaert. Amilton AM, contacted by BFM Business.

“A lot is still being invested in exploration, but the current exploration is leading to a life expectancy of 30 to 40 years,” she adds. Investments in exploration are not recommended by the International Energy Agency.

Surprise: they get company of big names in asset management. The Dutch MN, Edmond de Rothschild Asset Management, La Financière de l’Echiquier, Mandarine Gestion, Sycomore AM are also preparing to sanction TotalEnergies during the general meeting. Most recently publicly announced their negative voice: several subsidiaries of Crédit Mutuel.

Crédit Mutuel’s subsidiaries among the crooks

For the past three years, Crédit Mutuel has regularly issued its reservations to the Group’s climate policy. In 2020, the company was part of the group that had already submitted a climate resolution in the run-up to TotalEnergies GM. Last year, she abstained. Like 12% of shareholders, according to a source from BFM Business.

This year, “Crédit Mutuel” expects a greater effort on investigation “, which does not” respect the Paris Agreement “, according to the CSR director of Crédit Mutuel, Carole Le Moaligou, contacted by BFM Business.

If “Crédit Mutuel welcomes the efforts made by TotalEnergies over the past three years”, it expects a stronger acceleration from the oil giant, which “has the funds”. An opinion is shared by Meeschaert AM, who does not want to qualify his vote as a “sanction”.

Tensions have been rising for several weeks

For several weeks already, the pressure had risen one step. In April, two climate decisions were made by several of these shareholders, who were dissatisfied with the Group’s climate policy. Decisions rejected each time by TotalEnergies. Faced with the various announcements from shareholders, the French giant is not shaking. A spokesman for the group recalls that these funds “represent only 0.33%” of the capital.

Together with these shareholders, the financial analysis and advisory firm Proxinvest gave the same indication to its clients: “We recommend a negative vote to encourage the Board of Directors to continue its efforts and live up to expectations”.

More and more players are clearly positioning themselves while other shareholders are still thinking. An influential fund tells us that today’s vote still caused internal discussions on the threshold of GA. Take a cautious stance or publicly attack the French oil giant? Only one thing is for sure: After voting positively last year to welcome the “Say on Climate” initiative, more and more investors are wondering.

Last year, the climate resolution had thus been voted by almost 92 per cent. A slap in the face to the few shareholders who had tried to spark a revolt against the oil giant’s project, backed by companies including Reclaim Finance, which regularly opposes fossil fuel projects.

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