The €408bn Dutch civil service scheme ABP has abstained from voting on a climate resolution at Shell’s annual shareholder meeting.

The resolution was tabled by pressure group Follow This, and ultimately received the support of 5.5% of shareholder votes cast. ABP has a €633m stake in the oil company.

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At Shell’s AGM, the scheme explained that requiring a single company to set quantitative targets for 2050 “would open the risk of non-commercial investments, which goes against the interests of our 4.5m participants”.

However, ABP’s spokesman noted that Shell should show a serious commitment to reducing carbon emissions, and asked the company to reflect its commitment in its long-term incentive plan.