Published on May 6, 2021
The shareholder proposal submitted by Bâtirente, with the support of Æquo, to the Imperial Oil shareholder asked the company to aim for net-zero greenhouse gas (GHG) emissions by 2050. This has garnered exceptional support of 58% of the minority shareholders, but was not accepted because Exxonmobil, which controls 69.6% of the votes, did not support it.
Jean Philippe Renaut, CEO of Æquo, said that “Even though the company claims it is ‘premature to make such a commitment’ shareholders have made it clear that they do not see it that way.” He specifies that “The scientific consensus is clear; we must quickly reduce our absolute emissions and reach zero net emissions by 2050. From this year onward, the company must reduce its carbon footprint, in line with national and international ambitions – or gradually reduce its activities “.
As noted in the proposal presentation “As Imperial Oil has overcome many challenges in its 140-year history and faces one of its greatest challenges to date, it must make a long-term commitment to decarbonize its operations and ultimately its products in order to continue to create value for shareholders and other stakeholders”
Æquo is continuing its constructive dialogue with Imperial to align activities with GHG reduction imperatives and the Paris Agreement.