At Equinor’s annual general meeting last week, a significant number of shareholders pushed back against the company’s direction, both on climate action and its controversial business partnerships.
One important issue was Equinor’s updated energy transition plan, which lowers climate ambitions, reduces investment in renewable energy, and increases fossil fuel production. While the plan was formally approved with 95% of the overall vote, secured by the Norwegian state’s majority ownership, there was notable resistance. Among non-state shareholders, 32% either voted against the plan or abstained.
This means that one third of Equinor’s non-state investors oppose the company’s plans to reduce renewable energy production while ramping up oil and gas. Equinor’s board and the majority shareholder, the Norwegian Ministry of Trade, Industry and Fisheries (NFD), must take this as a clear signal that a significant number of investors doesn’t support the transition plan.
WWF and Greenpeace’s shareholder proposal received strong support from non-state shareholders
WWF’s shareholder proposal, which called for Equinor to align its operations with the Paris Agreement’s 1.5 degree target, received support from 20% of non-state shareholders. The strong backing reflects rising pressure on the company to take meaningful action in line with international climate commitments.
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Greenpeace also put forward a shareholder proposal, urging Equinor to conduct proper due diligence on its partners, particularly in cases involving companies linked to Israeli settlements in occupied Palestinian territories. This proposal earned support from more than 18% of non-state shareholders. Despite the Norwegian government’s policy discouraging business relationships with companies involved in illegal Israeli settlements, the state voted against the Greenpeace proposal. However, the level of support indicates that many shareholders are concerned about the ethical and legal implications of Equinor’s global projects.
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Both shareholder proposals from WWF and Greenpeace received substantial support from non-state investors, reflecting a clear message: a significant portion of Equinor’s shareholders oppose any involvement in the illegal occupation of Palestine and want the company to align its operations with the goals of the Paris Agreement.
The growing support for climate- and human rights focused shareholder proposals signals a demand for greater accountability and a realignment of Equinor’s operations with both environmental goals and human rights standards.