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Each year, Equinor holds its Annual General Meeting (AGM). The AGM is a meeting where all shareholders are invited to submit proposals to be voted on by fellow shareholders.
Two Norwegian environmental organisations, which are part of the international Equinor Out network, Greenpeace and WWF, each own a share in Equinor and have participated in the AGM for several years, submitting shareholder proposals. Throughout the years, the two environmental organisations have asked Equinor to end all new oil and gas explorations, end their international efforts, and to align its operations with the Paris Agreement.
Read about campaigners form Equinor Outs at last years AGM: Campaigners staged interventions at Equinor’s annual general meeting
Greenpeace’s Shareholder Proposal
This year, Greenpeace’s shareholder proposal addresses Equinor’s connection to Delek Group, an Israeli company involved in commercial activities in illegal Israeli settlements in Palestine.
The proposal calls on Equinor to review its due diligence procedures and guidelines concerning business relationships, to ensure adequate assessments are made of “material business relationships, particularly partnerships with affiliates that support and sustain Israel’s illegal occupation of Palestine.”
Greenpeace argues that Equinor’s partnership with Ithaca Energy is highly problematic and goes against the Norwegian government’s advisory to Norwegian businesses to “avoid trade that contributes to maintaining Israel’s occupation of Palestine.”
Read why Equinor’s partner is problematic: Growing pressure on Equinor to break ties with Ithaca Energy
WWF’s Shareholder Proposal
WWF has also submitted a shareholder proposal to Equinor’s AGM. WWF is asking Equinor to strengthen its climate strategy and to set concrete goals and measures for absolute reductions in greenhouse gas emissions, both short- and long-term, in line with the 1.5°C target.
The proposal covers emissions across the entire value chain (scope 1, 2, and 3), and WWF is asking that the progress be reported to shareholders.
The background for this proposal is criticism of Equinor’s updated energy transition plan, which weakens its ambitions for emissions cuts and renewable energy investments, while raising expectations for oil and gas production. WWF’s proposal highlights that the Norwegian government’s ownership-report on state owned businesses expects companies like Equinor to operate in line with sustainability goals and the needs of future generations.
Read more: Equinor scraps climate goals, increases oil and gas investments