Shell’s rival, BP, made a commitment in April to withdraw its membership from the American Legislative Exchange Council (ALEC), and Shell boss Ben van Beurden made remarks last week in an interview with a journalist, saying “watch this space” about his own company’s position.
The letter, which is part of ShareAction’s programme to draw investors’ attention to the damaging impacts of corporate lobbying and certain corporate trade associations, also calls on Shell to review its membership of a host of other European business groups that have lobbied obstructively on climate policy.
The investor coalition has been co-ordinated by ShareAction, the Responsible Investment watchdog, and includes the signatures of a dozen of the co-filers of a shareholder resolution on climate change, which passed at Shell’s annual general meeting with a vote of 99% in May. ShareAction organised the filing of that resolution, in partnership with the ‘Aiming For A’ investor coalition and ClientEarth, an environmental law group, whose chief executive James Thornton has also signed the letter.
Investors signing the letter to Shell come from three continents and include: Swedish National Pension Fund AP2, Enfield Pension Fund, the UNISON Staff Pension Scheme, Australian Ethical Investment, Sisters of St.Francis of Philadelphia, the International Union of Bricklayers and Allied Craftworkers, the Christopher Reynolds Foundation, Walden Asset Management, Zevin Asset Management, Effective Assets, the Jesuits in Britain, the Barrow Cadbury Trust, United Church Funds, Dignity Health, Mercy Investment Services, Adrian Dominican Sisters, Daughters of Charity, Province of St Louise, Panahpur Foundation and The Ecumenical Council for Corporate Responsibility.
Catherine Howarth, Chief Executive of ShareAction says: “We’re delighted to have brought this group of international investors together to challenge Shell on its membership of ALEC and several other trade associations that are known to do companies’ dirty work when it comes to backroom lobbying on climate policy. Long-term investors, especially pension funds, have a critical role to play in the formation of sound climate policy, notably at an international level. Tackling the problem of trade associations should be high on the agenda of responsible investors world-wide.”
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