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Investors split 17%-83% over Total climate shareholder resolution

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first_imgA shareholder resolution focussed on pushing French oil and gas major on target-setting for emission reductions was rejected by 83% of votes cast, although the 17% ‘for’ vote was welcomed by the co-filers as dispatching a “strong signal”.In a statement, the French-heavy group of 11 investors* behind the shareholder resolution declared themselves “very satisfied” by the level of support expressed at Friday’s meeting, arguing it was all the more significant because French law meant they had had to couch their request in terms of an amendment to the company’s bylaws. The co-filers also noted “negative recommendations from certain international proxy advisory agencies” and said they would be paying attention to the level of abstentions as a potential “complementary signal from shareholders”.The shareholder resolution is said to be the first environmental shareholder resolution to be filed at a French company. Its approval would have required the company’s management report to set out an action plan for the setting of greenhouse gas emission reduction targets, including those generated by customers’ use of Total’s products (Scope 3). Total’s board had opposed the shareholder resolution for reasons including the company having adopted an “ambition” to be carbon neutral by 2050 and that resolution “would lead to [the] company being responsible for emissions on which it is not able to act, as only customers have direct control”.The net-zero emissions ambition, which was announced after the shareholder resolution was first unveiled, follows engagement with investors working through Climate Action 100+.Directors’ duties bylaws amendThe board also argued against the shareholder resolution by noting its proposal to amend its bylaws to “enshrine consideration of the social and environmental challenges involved in the company’s activities in the duties of the board of directors”.This resolution, which also involves the company taking on a European corporate form, was passed at the AGM with 98% of votes cast.During the meeting itself, which was a webcast closed session, chair and chief executive officer Patrick Pouyanné said the “constructive” dialogue with Climate Action 100+ was “preferable to a resolution that we were threatened with during several weeks and the contents of which were only made clear to us when it was filed”.He said its new carbon neutrality ambition was “strong and demanding” but that Total would only be able to meet it “with customers, with civil society, with the governments of countries in which we operate because governments will need to implement policies to support the carbon neutrality”. Offshore oil operationOne of the investors that voted against the shareholder resolution was PhiTrust, a French shareholder engagement and impact investing company that has been engaging with Total for several years, including on making environmental and social responsibility an integral part of the board of directors’ duties – as approved by the vast majority of shareholders on Friday.“We are delighted that the dialogue we have been engaged in with Total for more than 10 years, as well as with other institutional investors, has led Total’s managers to make major changes to their strategy, taking into account the need to produce ‘clean energy’ as quickly as possible, although we would be very pleased if this could be done more quickly,” a spokeswoman told IPE.‘Congratulations to both’In the UK, defined contribution master trust NEST had previously said it would be voting in favour of the shareholder resolution, backing the call that a more ambitious Scope 3 emissions reduction target was needed.“We have seen a positive trend of companies and shareholder resolution co-filers coming much closer together on their climate objectives”Councillor Doug McMurdo, chair of LAPFFThe Local Authority Pension Fund Forum (LAPFF) reacted to the outcome of the Total shareholder meeting by saying it “congratulates both Total and shareholders wishing to encourage the company’s climate change response for putting forth resolutions at the company’s AGM”.Councillor Doug McMurdo, chair of LAPFF, said: “We have seen a positive trend this proxy season of companies and shareholder resolution co-filers coming much closer together on their climate objectives.“As it did with Barclays, LAPFF is pleased to support both Total’s steps forward and calls by the resolution co-filers to improve transparency around the company’s move in the right direction on its climate aims.”At NGO ShareAction, campaign manager Jeanne Martin said Total’s new climate commitments were “verging on greenwashing”. She argued that the voting result on the shareholder resolution today constituted “a significant revolt against the company, which attempted to counter this resolution by announcing an ambition that fails to address its ever increasing investments in fossil fuels”.It’s a wrapTotal’s general meeting on Friday wrapped up the 2020 proxy voting season at oil majors.In Europe, Royal Dutch Shell and Equinor also faced shareholder climate resolutions focussed on target-setting. Promoted by shareholder campaign group Follow This, they were rejected by shareholders but with more support than in previous years.At Shell the Follow This resolution got 14.4% of the vote at its AGM, more than double the last time it was voted on, and at Equinor it got received 27% of the non-governmental votes, up from 12% in 2019.For Follow This founder Mark van Baal, the votes on the Total shareholder resolution meant that “[f]or the third time this month, responsible investors have sent a clear signal to an oil major.”At US-listed Exxon Mobil, shareholder resolutions on lobbying and splitting the roles of chairperson and CEO were backed by 37.5% and 32.7% of the vote, respectively, with an average of 93.6% of the votes in favour of directors’ re-election.Edward Mason, the now former head of responsible investment for the Church Commissioners, said the results were “clear evidence of shareholders’ desire for change”.In the UK, the asset management industry lobby group maintains a public register of listed companies that have received significant opposition by shareholders to a resolution, with “significant” starting with a vote against of 20%.This is based on 2016 guidance on remuneration reporting from GC100 group of general counsel and company secretaries working in FTSE 100 companies.*The Total climate shareholder resolution was led by French asset manager Meeschaert with most of the other investors being French asset managers although Actiam from the Netherlands and Benelux asset manager Candriam are also involved, as is UK asset owner Friends Provident Foundation. Combined they hold around 1.36% of Total’s issued share capital. Total said the group of Climate Action 100+ investors with which it engaged represented more than 25% of the company’s shareholders.To read the digital edition of IPE’s latest magazine click here.last_img read more

Neptune scoops rig positioning deal with Quadrant

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first_imgNeptune Survey has been awarded a rig positioning contract by Australian oil and gas company Quadrant Energy.Neptune said on Thursday that the deal was for Transocean’s GSF Development Driller-1 rig which would begin a drilling campaign for Quadrant in the first quarter of 2018.Neptune added that the drilling campaign was for three wells, due to run over an estimated 200 days.The company’s chief executive officer, Robin King, said: “This key contract award further strengthens Neptune and Quadrant Energy’s working relationship which has seen Neptune provide Quadrant with engineering, diving, ROV, and survey services in the past 12 months.”To remind, Quadrant Energy hired the semi-submersible drilling rig in July to drill the Phoenix South-3 well offshore Western Australia.At the time, the well start window was scheduled between February 1 and April 1, 2018. The Phoenix South-3 well is being designed as a redrill of the Phoenix South-2 well that discovered gas and condensate at the top of the Caley interval.As for the rig, the GSF Development Driller-1 is a sixth generation semi-submersible with dual rig activity. It was built by Singapore’s Jurong Shipyard in 2005.Offshore Energy Today Stafflast_img read more

Molo ‘pusher’ busted

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first_imgAntidrugoperatives of the Molo police station staged the sting operation around 12:35p.m. on Tuesday. ILOILO City – Policearrested a suspected drug pusher in an entrapment operation in Barangay SanPedro, Molo district. Police alsotagged him as suspect behind snatching incidents in the city. The 43-year-oldRoberto Secaluya – a resident of the village – was arrested after he allegedlysold a sachet of shabu to an undercover officer for P2,200. center_img Prior to hisarrest, Secaluya was subject for two weeks of surveillance, police said. Secaluya was detained. Charges for violation of Republic Act9165, or the Comprehensive Dangerous Drugs Act of 2002 will be filed againsthim./PNlast_img

St. Louis School adds ‘Personal Growth Plans’

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first_imgSt. Louis School is implementing a new initiative for students called Personal Growth Plans (PGP’s).  It involves creating an individual growth plan for every student in grades K-8.  Through the PGP’s, each student will create goals, work on those goals, evaluate progress, and then make needed adjustments throughout each academic quarter.  This process will be repeated every quarter.Improvement goals will be set in each of the following areas: Faith, Life Skills, and Academic.  This fits into St. Louis School’s mission to focus on developing the whole child; Mind, Body, and Soul.When asked why this program was created, Principal Chad Moeller responded, “Developing the whole child has been at the heart of what St. Louis does and has tried to do for many years, but upon greater reflection we believe we can improve the growth process for our students and parents.  We believe the PGP program will help us do this.”“In addition, we believe this will have major benefits for students when they get into the real world.  In today’s world we know that an essential skill to be successful in any walk of life is the ability to focus on a few key areas, set goals, create a plan to achieve the goal, and follow up to make sure we are learning, not just about our goal, but about the process of learning.  We also believe this will help each student realize that they are far more capable than they know and if they are intentional, they can achieve great things.”For more information regarding this initiative, please call St. Louis School at 812-934-3310 or visit the school website http://www.st.louisschool.org/ where an instructional video is posted.last_img read more

IMCA state champions crowned in Midwest get gift certificates from Sybesma Graphics

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first_imgAll awards will be presented during the national banquet in November or mailed beginning the following week from the IMCA home office. In addition to motorsports and commercial wraps and decals, Sybesma Graphics does apparel screen printing and embroidery. The One Stop Sign Shop is owned by Stock Car driver Stefan Sybesm and his wife Ashley. More information about Sybesma-made graphics and apparel is available by calling 712 729-7446, on Facebook and at the www.sybesma-graphics.com website. A long-time sponsor of IMCA competitors, the Sanborn, Iowa, company gives certificates to Modified, Late Model, RaceSaver Sprint Car, Stock Car, Hobby Stock, Northern SportMod and Sport Compact drivers earning state titles in Illinois, Iowa, Minnesota, North Dakota, South Dakota and Wisconsin.center_img SANBORN, Iowa – IMCA state champions crowned across the Midwest receive $100 gift certificates from Sybesma Graphics again this season. “A great renewal for Sybesma Graphics and targeting our E3 Spark Plugs State champions is another way to recognize those champions,” noted IMCA Marketing Director Kevin Yoder. “We’ve always been grateful for their sponsorship and have some really exciting things planned with them for Super Nationals.”last_img read more

Bath Road to have rolling closure today

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first_imgBath, IN—The Franklin County Highway Department reports that Bath Road will have a rolling closure from Viney Road to the State Line for Road repair.last_img

Aurora Woman Arrested at New Castle Correctional Facility

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first_imgNew Castle,IN— An investigation by the Indiana Department of Correction (IDOC) resulted in the January 10th arrest of Samantha Meyer-Bruner, 36, of Aurora, Indiana. The investigation developed information alleging Meyer-Bruner was attempting to traffic drugs into the New Castle Correctional Facility when visiting an offender.  As a result of the investigation, the package containing suspected methamphetamine was recovered.Ms. Meyer-Bruner was arrested, and transported to Henry County Jail pending charges of:Trafficking a Controlled Substance with an Inmate– Level 5 Felony (x3)Dealing Methamphetamine — Level 3 FelonyConspiracy of Dealing Methamphetamine — Level 3 FelonyWarden Mark Sevier commented, “Trafficking of any nature can create hazards for other offenders as well as our hard-working employees.” Warden Sevier concluded, “We do not tolerate trafficking of any substance into our facilities and will aggressively work to prosecute any person who traffics to the fullest extent possible.”Formal charges will be determined by the Henry County Prosecutor’s Office.last_img read more

Drinkwater acknowledges Foxes are making life hard for themselves

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first_img Press Association Leicester midfielder Danny Drinkwater feels the Foxes are “flying” but admits it would be good if they did not have to keep proving themselves comeback kings. The 2-2 draw at Stoke on Saturday maintained Leicester’s unbeaten start to the season and was the fourth straight Barclays Premier League game in which they have salvaged something after falling behind. Indeed, it was the second successive match where they have bounced back from 2-0 down, having also done so to beat Aston Villa 3-2 the previous weekend. And Drinkwater – who won the penalty from which Leicester scored their first goal – told Foxes Player: “It is crazy, isn’t it? We can’t quite put our fingers on it. “We were definitely annoyed at half-time about the two goals and we wanted to make amends. “The momentum is flying and we just need to keep doing it – although it would be a lot easier if we didn’t concede so many goals and keep having to come back.” Leicester, still yet to register their first clean sheet this term and unable on Saturday to test boss Claudio Ranieri’s pre-match promise of a pizza reward for securing it, were behind in the 13th minute as Bojan Krkic slotted in. Their sloppy defending was then punished seven minutes later by Jonathan Walters’ finish. But they subsequently claimed a point through Riyad Mahrez’s 51st-minute penalty and a strike from fellow in-form forward Jamie Vardy in the 69th minute – the pair’s fifth and fourth goals of the season respectively. Stoke boss Mark Hughes, whose 18th-placed side remain winless in the league this term, was critical afterwards both of his players and the match officials. But he was keen to pay tribute to his goalscorers, both of whom had made returns to the team. Bojan’s goal marked his first league start since sustaining a serious knee injury in January. Walters, meanwhile, was returning to the matchday 18 for the first time since the end of the transfer window, when bids for him from Norwich – and a transfer request he reportedly handed in – were rejected amid troubled talks over extending his Stoke contract, which runs out next summer. Hughes said: “I thought Bojan showed that guile and craft that we’ll need for the season. “I also thought Jon was excellent, and he is a great professional. There was a situation that developed in the window, but it has closed now, that opportunity has gone for Jon and he just needed to get his head down and concentrate on the football. “I had a conversation with him to that end and that is exactly what he has done. “Jon wants an extra year and it is well documented at the moment that that is not on the table. “But I think it is important he just concentrates on playing, which I’m sure he’ll do.” last_img read more

Man City back on top, Huddersfield go down

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first_imgBy Ian ChadbandLONDON, England (Reuters) – Manchester City returned with a swagger from the international break yesterday, resuming their quest for four trophies with another dominant 2-0 win at Fulham that thrust them back to the top of the Premier League.On the afternoon that Huddersfield Town were relegated and Manchester United celebrated the full-time managerial appointment of Ole Gunnar Solskjaer with a 2-1 win over Watford, City again demonstrated why they remain the league’s benchmark.Bernardo Silva scored for the third game in a row and Sergio Aguero extended his league-leading tally to 19 in a dazzling early spell, allowing the champions to ease to a seventh straight league victory while never hitting the heights.It restored City’s advantage at the top, one point ahead of Liverpool on 77 points with both sides having played 31 games, but Juergen Klopp’s men could return to the summit with a win over third-placed Tottenham Hotspur today.Still, City, who have won the League Cup and are in the FA Cup semi-finals and Champions League quarter-finals, moved closer to an unprecedented, if still unlikely, feat with 14 matches left.Without seemingly having broken stride, Manchester City’s cosmopolitan crew reconvened after the international break and looked as if they had never been apart as soon as Bernardo Silva arrowed in a left-footed strike within five minutes.For manager Pep Guardiola, the lunchtime stroll at Craven Cottage, featuring the return of key players like Kevin de Bruyne and Fernandinho after injury, felt like the most perfect return with the pressure immediately back on Liverpool.“The first 15-20 minutes was incredible with the way we played,” he told the BBC.“After the international break, you usually miss a bit with your rhythm. This game was tricky — 12:30 on a Saturday, a sunny day. That is unusual, and that is why I am so satisfied.”He was again, though, not about to play up the prospects of the quadruple.“We are going to do everything to win … We don’t think too much about what people say about the quadruple. What Liverpool and Manchester City have done in the Premier League both deserve credit. That’s why we are (both) here.”WINNING START Manchester United moved into fourth place, level with Tottenham Hotspur on 61 points having played a game more, as Solskjaer got his permanent reign off to a winning start with victory over unfortunate Watford.Goals from Marcus Rashford and Antony Martial secured United’s win, even though this was far from their most convincing performance under the Norwegian, as Watford deserved more for their enterprise than a late Abdoulaye Doucoure consolation.Still, the win lifted United above Arsenal, who will host Newcastle United on Monday.At the other end of the table, as 19th-placed Fulham’s defeat left them a step closer to what looks like certain relegation, Huddersfield’s even more inevitable demotion to the Championship was confirmed with a 2-0 defeat at Crystal Palace.The Terriers became only the second team in the Premier League era to be relegated before the end of March as goals from Luka Milivojevic and Patrick van Aanholt, combined with other results, left them 19 points from safety with six games left.Wins for 17th-placed Burnley, 2-0 at home to Wolverhampton Wanderers, and 16th-placed Southampton, 1-0 at Brighton & Hove Albion, ensured Huddersfield’s fate was sealed as they matched Derby County’s record, set in 2008, for the earliest relegation from the Premier League after 32 games.Leicester City marked an emotional day for the club on what would have been the birthday of their late owner Vichai Srivaddhanaprabha, who died in a helicopter accident in October, by beating Bournemouth 2-0 at the King Power Stadium.On the day he would have turned 61, his image was flashed up on the big screen along with the words ‘Always in our hearts’ before the match and, in the 61st minute, the fans rose to applaud his memory, singing ‘Vichai had a dream’.West Ham United host Everton in the day’s late kickoff.last_img read more