japanja
Robeco's Active Ownership realizes success with Shell

Robeco's Active Ownership realizes success with Shell

07-12-2018 | インサイト
Robeco has been recognized for its critical role in persuading Royal Dutch Shell to significantly strengthen its measures to reduce its carbon footprint.
  • Carola van Lamoen
    Carola
    van Lamoen
    Head of Active Ownership

Speed read

  • Royal Dutch Shell adopts short and medium-term targets
  • Company also links executive pay to its carbon ambition
  • Moves follow engagement by Robeco and Church of England

The Anglo-Dutch oil major has agreed to set short-term targets for cutting carbon emissions and will link executive pay to meeting these objectives for the first time. Robeco has engaged with Shell for many years to try to reduce the impact of the company, and that of other oil majors, on climate change.

Together with the Church of England Pensions Board, Robeco led the investor engagement activities on behalf of Climate Action 100+, an initiative spearheaded by investors with more than USD 32 trillion in assets under management, and the Dutch corporate governance platform Eumedion

“This is a significant achievement, something that has never happened before in the field of engagement: a company and its shareholders acting together on climate change,” said Carola van Lamoen, Head of Robeco’s Active Ownership team. “This shows that dialogue does work, and is an effective way to bring about change.”

最新の「インサイト」を読む
最新の「インサイト」を読む
配信登録
Praise from the press – coverage of Robeco’s role in the Shell decision

Introducing an ambition

Shell was already the first oil and gas company to introduce an ambition to reduce its carbon footprint, stretching out to 2050.

Meeting the challenge of tackling climate change requires unprecedented collaboration and this is demonstrated by our engagements with investors,” said Shell Chief Executive Officer Ben van Beurden. “We are taking important steps towards turning our Net Carbon Footprint ambition into reality by setting shorter-term targets. This ambition positions the company well for the future and seeks to ensure we thrive as the world works to meet the goals of the Paris Agreement on climate change.”

In a joint statement with investors, the company added: “Shell aims to reduce its Net Carbon Footprint by around half by 2050 and by around 20% by 2035 as an interim step. To operationalize this long-term ambition, Shell will start setting specific Net Carbon Footprint targets for shorter-term periods (three or five years). The target will be set each year for the next three- or five-year period. The target setting process will start from 2020 and will run to 2050.”

Link with remuneration

“Taking into account the perspectives gained through its engagements with shareholders and other relevant stakeholders, Shell will incorporate a link between energy transition and long-term remuneration as part of its revised Remuneration Policy, which will be subject to a shareholder vote at the 2020 Annual General Meeting (AGM).”

“If approved at the AGM, the policy will include a Net Carbon Footprint-related measure, as well as other measures, to have a balance of leading and lagging performance metrics over a three-or five-year performance period. The measures for each performance period will be set on an annual rolling basis at the time of the award and will be subject to the annual remuneration target-setting process as well as to the final plan design. The measures and targets will evolve as time progresses over the years to 2050.”

“The final plan design is being discussed with shareholders, including details relating to the appropriate remuneration structure and appropriate measures and metrics.”

The value of dialog

Investors welcomed the historic move. “We applaud the joint statement by Shell and lead investors for Climate Action 100+,” said Anne Simpson, the inaugural Chair of the Climate Action 100+ Steering Committee and Director of Board Governance and Strategy at the California Public Employees’ Retirement System (CalPERS). “The commitment by Shell to fully respond to the engagement shows the value of dialog and global partnership to deliver on the goals of the Paris Agreement on climate change. Shell is setting the pace, and we look forward to other major companies following its lead.”

Peter Ferket, Chief Investment Officer of Robeco, added: “When it comes to meeting the demands of the Paris Agreement on climate change, we believe it is necessary to strengthen partnerships between investors and their investee companies to accelerate progress towards reaching such an ambitious common goal. This joint statement is an example of such a partnership. As institutional investors in Shell we continue to support Shell on its journey in the energy transition, aiming for other companies to follow suit.”

Long engagement activities

The moves follow engagement activities that go back as far as 2005. Earlier this year, Robeco was signatory to an appeal from 60 investment firms appearing in the Financial Times that encouraged all companies in the oil and gas sector to clarify how they see their future in a low-carbon world. Robeco also spoke at Shell’s 2018 shareholder meeting on behalf of a large group of institutional investors.

“Only committing Shell to a climate scenario puts the company at a disadvantage in many respects,” said Van Lamoen. “Our engagement must be much broader, so we encourage other companies in this sector to take responsibility in preparing for the energy transition."

重要事項

当資料は情報提供を目的として、Robeco Institutional Asset Management B.V.が作成した英文資料、もしくはその英文資料をロベコ・ジャパン株式会社が翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。

ご契約に際しては、必要に応じ専門家にご相談の上、最終的なご判断はお客様ご自身でなさるようお願い致します。

運用を行う資産の評価額は、組入有価証券等の価格、金融市場の相場や金利等の変動、及び組入有価証券の発行体の財務状況による信用力等の影響を受けて変動します。また、外貨建資産に投資する場合は為替変動の影響も受けます。運用によって生じた損益は、全て投資家の皆様に帰属します。したがって投資元本や一定の運用成果が保証されているものではなく、投資元本を上回る損失を被ることがあります。弊社が行う金融商品取引業に係る手数料または報酬は、締結される契約の種類や契約資産額により異なるため、当資料において記載せず別途ご提示させて頂く場合があります。具体的な手数料または報酬の金額・計算方法につきましては弊社担当者へお問合せください。

当資料及び記載されている情報、商品に関する権利は弊社に帰属します。したがって、弊社の書面による同意なくしてその全部もしくは一部を複製またはその他の方法で配布することはご遠慮ください。

商号等: ロベコ・ジャパン株式会社  金融商品取引業者 関東財務局長(金商)第2780号

加入協会: 一般社団法人 日本投資顧問業協会