Other

Cross programme

Climate Action 100+ flagged resolution: TotalEnergies SE: Annual General Meeting – Wednesday 25 May 2022

06.05.22

TotalEnergies — MN to vote AGAINST two management proposals: The climate transition progress report and the executive remuneration over 2021 of the combined Chair and CEO.

Summary of why the resolution is being flagged

MN Services decided to vote AGAINST two agenda items at the 2022 AGM of TotalEnergies. On April 28th the Board of TotalEnergies communicated they would not allow the Climate Resolution put forward by MN and 10 other shareholder’s to be put to a vote at the General Meeting. We believe this is an extraordinary neglection of our rights as a shareholder, as well the decision neglects climate science. Therefore, we intend to vote AGAINST the climate transition progress report (resolution 16); and AGAINST the executive remuneration over 2021 (resolution 12) of Mr. Pouyanné, the combined Chair and CEO.

Progress report

A vote against is flagged, because the company is neglectful of shareholder’s rights by not allowing other shareholder’s a vote to align company targets with 1.5C. The Company’s targets and progress are not currently 1.5C aligned; there is a lack of commitment to decarbonise upstream production; and the 20% intensity target not being high enough to be 1.5C aligned.

Executive remuneration

The combined Chair and CEO is held responsible for denying a shareholder proposal being added to the ballot.

See investor statement from MN here and Climate Action 100+ Net Zero Company Benchmark assessment here.

Download the full memo below.

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