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Vote declaration PMT - TotalEnergies


As a consequence of our rejected resolution, MN Services (on behalf of PMT) plans to vote against two agenda items at the 2022 AGM of TotalEnergies. 

We plan to vote against the executive remuneration over 2021 (resolution 12) of Mr. Pouyanne, the combined Chair and CEO, as we hold the CEO responsible for denying shareholder rights. We also plan to vote against the climate transition progress report (resolution 16), as there are strong concerns regarding the climate policy in light of the denial of the shareholder resolution. 

In April, MN (on behalf of PMT) - together with a shareholder coalition of 11 Investors - filed a shareholder resolution at TotalEnergies, ahead of the Annual General Meeting (AGM) on 25th May 2022. In this resolution, the coalition urges the company to set and publish targets that are consistent with the Paris Climate Agreement . The board of TotalEnergies decided not to include the shareholder resolution in the agenda, with the stated rationale: “The resolution encroaches on the public policy competence of the Board of Directors to define the Company’s strategy .”

MN believes that the denial of the proposed shareholder resolution is an extraordinary neglection of our right’s as a shareholder. Since, an identical resolution was accepted by the TotalEnergies board in 2020 , in the view of MN it is inexplicable that the same resolution is rejected in 2022. Moreover, the denial of the resolution does not convinces that the TotalEnergies board is willing to adhere to shareholder concerns on climate related issues.