ROYAL Dutch Shell said yesterday that investors holding more than 94% of its shares voted against a resolution challenging its multibillion-pound investments in Canadian oilsand projects.
A group of ethical investors, environmentalists and indigenous groups had called on Shell to reconsider plans to drain crude from tar sands in Alberta but it asked investors to vote against the resolution, saying it had already considered financial risks and potential charges for CO in its business plans.
At yesterday’s twin annual meetings in The Hague and London, almost 100% of shareholders voted in favour of the firm’s 2009 executive pay remuneration report. Shell said in February it had frozen pay for its top bosses this year following the previous year’s pay protests, which came after it missed performance targets but still declared substantial bonuses for its executive directors.