Equinor ASA | Align with Paris Agreement at Equinor ASA

Status
Filed
AGM date
Previous AGM date
Proposal number
15
Resolution details
Company ticker
EQNR (previously Statoil)
Lead filer
Sarasin & Partners, Sampension, West Yorkshire Pension Fund, Achmea Investment Management
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Energy
Company HQ country
Norway
Supporting materials
Resolved clause
Resolution: In keeping with Equinor ASA’s commitment to support the goals of the Paris Agreement, and considering the Norwegian Government’s explicit expectations for the company to align actively with the Paris Agreement as per its statement at Equinor’s 2023 AGM, the general meeting asks the Board to update its strategy and capital expenditure plan accordingly. The updated plan should specify how any plans for new oil and gas reserve development are consistent with the Paris Agreement goals.
Supporting statement
https://sarasinandpartners.com/stewardship-post/equinor-shareholder-resolution-statement-why-the-world-should-care-about-equinors-agm/

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
MN For We will vote FOR this resolution, the responsibility
for determining the strategy lies with the management
and the board. Equinor's strategy to maintain oil and
gas production stable until 2035, where the natural
decline in production is offset by growth in the
international oil and gas portfolio, is not in line with
pathways to the Paris Climate Agreement. The
resolution rightly requests the company to assess new
investment plans against the Paris Climate Agreement,
including investments in new oil and gas fields.
Robeco For https://www.robeco.com/en-int/insights/2024/04/voting-to-support-the-climate-transition
Railways Pension Trustee Company Limited (Railpen) For https://cdn-suk-railpencom-live-001.azureedge.net/media/media/wopg2lxr/equinor-pre-declaration-2024-climate-transition.pdf
Cardano For
Cardano votes FOR this resolution. Despite its ambitions, Equinor’s energy strategy and capex are still falling short of a 1.5°C pathway. Equinor’s reduction targets, intention to keep production stable until 2035, plans to invest in new oil and gas reserves and its renewable energy targets are not aligned with the IEA Net Zero 2050 pathway. Equinor should therefore, as requested by the resolution, update its energy strategy accordingly.
Kutxabank Gestion SGIIC SAU. For

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