Result of AGM

Rhea-AI Summary

On May 24, 2022, Shell plc held its Annual General Meeting, where resolutions 1-20 were successfully passed, while resolution 21 (a shareholder resolution) did not pass. Notable voting results included 98.43% in favor of the annual report and 95.92% approval for the directors’ remuneration report. CEO Ben van Beurden emphasized the importance of shareholder support as Shell transitions towards becoming a Net-Zero Emissions energy business by 2050. He acknowledged the need for further consultation with shareholders regarding the vote outcomes.

Positive

• 98.43% approval for the receipt of the Annual Report & Accounts.
• 95.92% approval for the Directors’ Remuneration Report.
• Strong overall shareholder support for Shell's energy transition strategy.

Negative

• Shareholder resolution (21) was not passed, indicating some discontent among investors.

SHELL PLC

  RESULT OF ANNUAL GENERAL MEETING

 

 

Shell plc announces the poll results on the resolutions at its Annual General Meeting held on Tuesday May 24, 2022 at Central Hall Westminster, Storey’s Gate, Westminster, London, SW1H 9NH. Resolutions 1-20 were carried and resolution 21 (Shareholder resolution) was not carried.

 

In accordance with the Listing Rules, a copy of all resolutions other than resolutions concerning ordinary business at the Annual General Meeting, will be submitted to the National Storage Mechanism and will be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

 

	RESOLUTION	VOTES FOR	%	VOTES AGAINST	%	VOTES TOTAL	% of ISC VOTED	VOTES WITHHELD
1	Receipt of Annual Report & Accounts	4,469,477,767	98.43	71,091,532	1.57	4,540,569,299	60.82%	15,067,658
2	Approval of Directors’ Remuneration Report	4,346,283,705	95.92	184,753,614	4.08	4,531,037,319	60.69%	24,598,418
3	Appointment of Sinead Gorman	4,516,521,089	99.48	23,417,006	0.52	4,539,938,095	60.81%	15,675,553
4	Reappointment of Ben van Beurden	4,496,569,558	99.24	34,290,352	0.76	4,530,859,910	60.69%	24,761,284
5	Reappointment of Dick Boer	4,474,674,800	98.51	67,820,033	1.49	4,542,494,833	60.84%	13,126,425
6	Reappointment of Neil Carson	4,491,217,829	98.88	51,083,981	1.12	4,542,301,810	60.84%	13,317,337
7	Reappointment of Ann Godbehere	4,458,461,056	98.15	83,907,506	1.85	4,542,368,562	60.84%	13,244,853
8	Reappointment of Euleen Goh	4,479,743,495	98.62	62,636,105	1.38	4,542,379,600	60.84%	13,240,198
9	Reappointment of Jane Holl Lute	4,514,627,950	99.39	27,643,508	0.61	4,542,271,458	60.84%	13,345,259
10	Reappointment of Catherine Hughes	4,472,378,257	98.46	70,125,060	1.54	4,542,503,317	60.84%	13,117,075
11	Reappointment of Martina Hund-Mejean	4,533,297,371	99.80	9,092,680	0.20	4,542,390,051	60.84%	13,230,216
12	Reappointment of Sir Andrew Mackenzie	4,229,127,499	93.12	312,416,135	6.88	4,541,543,634	60.83%	14,070,548
13	Reappointment of Abraham (Bram) Schot	4,510,980,924	99.32	30,852,332	0.68	4,541,833,256	60.83%	13,768,612
14	Reappointment of Auditors	4,498,735,944	99.88	5,326,757	0.12	4,504,062,701	60.33%	51,567,695
15	Remuneration of Auditors	4,536,967,618	99.88	5,577,382	0.12	4,542,545,000	60.84%	13,084,173
16	Authority to allot shares	4,454,082,528	98.05	88,725,174	1.95	4,542,807,702	60.85%	12,831,705
17	Disapplication of pre-emption rights*	4,490,698,350	98.92	48,830,150	1.08	4,539,528,500	60.80%	16,095,313
18	Authority to make on market purchases of own shares*	4,487,609,043	98.83	53,240,550	1.17	4,540,849,593	60.82%	14,778,954
19	Authority to make off market purchases of own shares*	4,485,657,888	98.79	54,853,594	1.21	4,540,511,482	60.82%	15,114,434
20	Shell’s Energy Transition Progress	3,525,014,244	79.91	886,272,022	20.09	4,411,286,266	59.08%	144,341,223
21	Shareholder resolution*	906,494,546	20.29	3,560,626,618	79.71	4,467,121,164	59.83%	88,507,794

 

* Special resolution

 

Please note that a ‘vote withheld’ is not a vote under English Law and is not counted in the calculation of the proportion of the votes ‘for’ and ‘against’ a resolution.

 

Shell Chief Executive Officer Ben van Beurden said: “Shareholder support is critical as our business continues to change and we work towards our target to become a Net-Zero Emissions energy business by 2050. We are pleased that the overwhelming majority of shareholders continue to support Shell, our energy transition strategy and the progress we have made in the past 12 months. We are on the right track. We are also encouraged by the reduced support for Shareholder Resolution number 21 but recognise there is still work to do. We will consult shareholders to understand these votes and formally report back to investors within six months."

 

 

 

May 24, 2022

 

Linda Coulter

Company Secretary

Shell plc

 

ENQUIRIES

 

Shell Media Relations

International, UK, European Press: +44 20 7934 5550

 

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of a Member State.

 

 

FAQ

What were the results of Shell's Annual General Meeting on May 24, 2022?

Resolutions 1-20 were carried, while resolution 21 was not carried.

What percentage of shareholders approved Shell's Annual Report on May 24, 2022?

98.43% of shareholders approved the Annual Report.

What was the outcome of the Directors' Remuneration Report vote at Shell's AGM?

The Directors' Remuneration Report was approved by 95.92% of shareholders.

What is Shell's target regarding emissions by 2050?

Shell aims to become a Net-Zero Emissions energy business by 2050.

How did Shell's shareholders respond to the energy transition strategy?

The majority of shareholders expressed support for Shell's energy transition strategy.