British multinational oil and gas firm Shell has defended its plans after criticism by UK local authority pension funds.
The Local Authority Pension Fund Forum, which represents £350bn of British council pensions, called for an overhaul of Shell’s board.
London’s Collective Investment Vehicle – a major UK pension pool with combined assets under management of £49bn – said it would vote against Shell’s chair Sir Andrew MacKenzie and its directors at the oil and gas giant at its annual meeting later this month.
Shell said its target of reducing emissions to net zero by 2050 remained unchanged and that it continued to invest in low-carbon energy.
This article was originally published by The MJ (£).
