Shell’s AGM showed that, for investors, how a board handles climate pressure may now matter more than how forcefully it resists it.

As the 2026 proxy season moves past its peak, this week’s AGMs reinforce familiar patterns. Shareholder discontent is evident across pay, climate and governance votes, but formal outcomes continue to diverge sharply from sentiment.

Follow This has issued a public letter, urging investors to support Resolution 23, which asks Shell’s board to explain how resilient its strategy would be in a scenario where the market for oil and gas contracts, rather than merely cycling through price volatility.

British oil giant Shell’s board of directors are being personally sued over an alleged failure to manage climate risks facing the company.

Lead investors engaging Shell under Climate Action 100+ have indicated their intention to support a climate resolution requiring the company to align its scope 3 emissions targets with the Paris Agreement.