Yahoo Finance Shell (SHEL) Shareholders Support Board at AGM Despite Protests
Shell plc’s (SHEL) shareholders supported CEO Wael Sawan and the board at the company's annual general meeting in London, despite climate activists disrupting the meeting. A few protesters barged onto the platform where Shell's board members were seated, prompting numerous security personnel to step in and remove them.
While numerous climate activists demanded an immediate stop to fossil fuel production, Shell was backed by shareholders’ vote to set carbon emission reduction objectives for 2030. The company was also supported by big pension funds and investors.
According to a preliminary count from SHEL, the company’s shareholders rejected the activist group Follow This’ motion by 79.8% to 20.2%. In 2022, a similar resolution from the group received 20% support.
According to the founder of Follow This, Mark van Baal, shareholders who support SHEL management through their votes enable the company to continue to destabilize the climate. They are also jeopardizing the company’s future.
In his first annual meeting as Shell's CEO, Wael Sawan, defended the business against claims that it was not transitioning from fossil fuels to renewable energy quickly enough. According to Sawan, SHEL invested $4.3 billion in low-carbon energy in 2022, including renewable energy, hydrogen, electric vehicle charging stations and biofuels.
He agreed that a major portion of the $25 billion in overall capital expenditures was spent on oil and gas. Sawan warned that any hasty reduction of oil and gas production by Shell and other companies would lead to price instability and creation of more harmful energy.
Zacks Rank & Key Picks
Shell currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Sunoco LP SUN, Murphy USA Inc. MUSA and Dril-Quip, Inc. DRQ. While both Sunoco and Murphy USA sport a Zacks Rank #1 (Strong Buy), Dril-Quip carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco, a distributor of motor fuel to approximately 10,000 convenience stores, has a stable business model with sustainable and predictable cash flows. For this year, SUN has witnessed an upward earnings estimate revision in the past seven days.
Murphy USA, a leading retailer of gasoline, operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. MUSA, with more than 1,700 stores, witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Dril-Quip is a leading provider of highly engineered equipment, service and innovative technologies that are being employed in the energy sector. DRQ’s balance sheet has zero debt, highlighting a sound financial position.
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Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report
