Wael Sawan, in his first annual meeting as Shell’s chief executive, and Andrew Mackenzie, Shell’s chair and the former chief executive of the mining company BHP, defended the company repeatedly against accusations that it was not switching from fossil fuels to renewable energy quickly enough.
Sawan said the company had invested $4.3bn (£3.5bn) in 2022 in low-carbon energy, including biofuels, hydrogen, electric car charging and renewable power. However, he acknowledged that was only part of its total capital spending of $25bn – most of which was on oil and gas.
The company asked shareholders to vote against the climate resolution, which was organised by the campaign group Follow This. The group has gradually won increased support from large investors in recent years, although it has not yet managed a majority.
Shell’s shareholders rejected the resolution by 79.8% to 20.2%, according to a preliminary count from the company. A similar Follow This resolution in 2022 also secured 20% support.