Shell PLC (LSE:SHEL, NYSE:SHEL) has a shareholder rebellion on its hands which is different from the run-of-the-mill investor insurrection, which tends to focus on directors' pay and excessive bonuses.
Holders of around 5% of the Anglo-Dutch oil giant's equity have teamed up and want to hold it to the 2015 Paris emissions agreement.
The coalition of 27 would-be rebels is notable in that it includes the National Employment Savings Trust (Nest), which, according to the Guardian, manages the pensions of almost a quarter of the UK’s workers.
Also on the list are French asset management firm Amundi, which holds almost €2 trillion (£1.7 trillion) in assets, as well as Candriam, Scottish Widows and Rathbones Group, with the resolution being tabled by Dutch activist group Follow This.
Despite this push, Shell has reportedly expressed reservations.
The company, which aims to halve its operation emissions by 2030 and reduce overall emissions intensity, has labelled the resolution as unrealistic and counterproductive, arguing it won't effectively mitigate climate change and could harm customers and shareholders.
This stance follows CEO Wael Sawan's strategy to slow renewable investments and increase fossil fuel production, even as Shell seeks to become a net-zero carbon emitter by 2050.
Last year, a similar resolution by Follow This garnered 20% shareholder support amid tumultuous annual meetings marked by climate protests.