Martin Ford 10 February 2023

London CIV backs Shell legal battle

London CIV backs Shell legal battle image
Image: Aaban/Shutterstock.com.

A lawsuit against energy giant Shell’s directors has been backed by a key local government pensions organisation.

The legal claim, which has attracted support from numerous other shareholders, accused Shell of ‘climate risk mismanagement’.

London CIV, which manages the assets of London local government pension schemes, said it was ‘fully supporting’ the action brought by environmental charity ClientEarth against the 11 directors at the High Court.

In a letter, London CIV wrote: ‘The key concern is that it does not believe the board has adopted a reasonable or effective strategy to manage the risks associated with climate change affecting Shell.

‘Shell’s investments are far too low and in stark contrast with its continued overinvestments in fossil fuels.

‘We consider that ClientEarth’s claim is in our client funds’ interests as a shareholder of Shell and we support it.’

London CIV called for Shell to move away from oil and gas projects.

A Shell spokesperson said: ‘We do not accept ClientEarth’s allegations.

'Our directors have complied with their legal duties and have, at all times, acted in the best interests of the company.’

This article was originally published by The MJ (£).

SIGN UP
For your free daily news bulletin
Highways jobs

Highways Development Management Engineer

West Northamptonshire Council
£41,816 - £45,175
At West Northamptonshire Council, we’re looking for a motivated and enthusiastic Highways Development Management Engineer to join our Highways and Transport Service. You’ll be at the heart of shaping how new developments across the area impact our tra Northampton
Recuriter: West Northamptonshire Council

Transport Project Officer

West Northamptonshire Council
£34,203 - £37,067
We are seeking an enthusiastic and motivated project officer to work in our Highways and Transport Service. You will play a key role in translating our transport plans and strategies into reality, improving connectivity and encouraging travel by sustainab Northampton
Recuriter: West Northamptonshire Council

Project Officer - Family Help - WMF2248e

Westmorland and Furness Council
£34,434 - £35,412
We have an exciting opportunity for an experienced Project Officer to work across our Family Help and Family Hub services. Cumbria / Various
Recuriter: Westmorland and Furness Council

Programme Control Officer - WMF2247e

Westmorland and Furness Council
£38,220- £39,152
The Capital Programme team is responsible for the core delivery of the Council’s c. £80-100m/year Capital Programme Cumbria / Various
Recuriter: Westmorland and Furness Council

Occupational Therapist (Oxford City)

Oxfordshire County Council
£38220 - £45091
About UsDo you ... Oxford City, Horspath Driftway
Recuriter: Oxfordshire County Council
Linkedin Banner