(News Bulletin 247) – Several shareholders are asking the French energy giant to publish its progress in the fight against global warming each year.

Engie shareholders have asked the French energy giant to publish more details on its climate plan to better assess whether it aligns with the objective of limiting warming to 1.5°C compared to pre-industrial levels.

In a letter of March 20 consulted by AFP, some twenty shareholders (including La Banque Postale Asset Management, La Financière de l’Echiquier and Candriam) also ask Engie to submit each year to the vote of its general meeting the progress of the company’s climate strategy.

A regular publication desired

A shareholder resolution, published Monday by Engie, was filed to this effect by around fifteen shareholders, who according to the group represent less than 2% of its capital, with a view to the general meeting to be held on April 26. .

In their letter, the shareholders recognize Engie’s efforts to modify its model in the direction of the energy transition but insist on the indicators, incomplete according to them, published by the company.

For example, they demand that the company publish its greenhouse gas emission reduction targets for all of its activities, claiming that only 65% ​​of Engie’s indirect emissions are currently part of these targets.

The shareholders are also asking for more details on the storage objectives, the investment plans, the evolution of the energy mix or the group’s carbon offset strategy.

“Investors need” such information to “measure the effectiveness of climate strategies” and adjust their portfolio to their own transition goals, they add.

“Timorous character” of the resolution

In his response, dated March 22, the chairman of Engie’s board of directors, Jean-Pierre Clamadieu, recalls that Engie was “one of the first CAC 40 companies” to have submitted to the advisory vote of its shareholders its policy of reducing carbon emissions in 2022 (approved by more than 96%).

He adds that he is ready to “consult shareholders every three years on the climate strategy as in 2022” and to discuss its progress “every year”. A debate has also been included in this direction on the agenda of the next general meeting, he adds.

However, it expresses its reluctance to submit the strategy and its progress to a vote each year, in particular pending clearer rules from the regulator on this type of consultation but also, on a global scale, on the extra-financial publications of companies.

On the additional indicators requested, Jean-Pierre Clamadieu affirms that some are already published or can be deduced from the data produced by Engie when others “seem difficult to establish in the short term”.

The group is however preparing an addendum to “complete its publications” and allow a “better assessment of Engie’s climate plan” by investors for the general meeting.

The NGO Reclaim Finance reacted on Monday by regretting “the timorous nature” of the resolution “which fails to formulate binding requirements”. In particular, it calls on the government to legislate to regulate the consultation of shareholders on the climate strategy of companies (the “Say on Climate”) and to strengthen the right of shareholders to file resolutions.

(With AFP)