Santos Climate Vote Is Warning to Oil Majors, Says Follow This

The results of a climate-change shareholder resolution calling for Paris Agreement-aligned targets at Australian oil company Santos is a warning to oil-and-gas majors Royal Dutch Shell and Equinor, says Mark van Baal, founder of Follow This, a group of oil company investors pushing for action on climate change.

The vote, held Friday at Santos’s annual meeting, gained support from 43% of shareholders, following recommendations from Institutional Shareholder Services and Glass Lewis.

“More and more investors take their roles as stewards of the world economy serious by demanding oil companies to change course,” van Baal says.

Dow Jones Newswires | Dieter Holger