The coalition of shareholders hopes for better governance and more ambitious commitments on the climate. Shareholders, representing more than a billion euros of shares, wish to separate the functions of general manager and chairman of the board of directors.
The resolution was tabled by the Ethos foundation, which represents pension funds in Switzerland and a coalition of 19 international investors. All together, they represent more than 1 billion euros, or 0.62% of TotalEnergies' total market capitalization of 162 billion. The shareholders assure that their resolution does not aim to call into question the role of Patrick Pouyanné as general manager but to introduce better governance. The signatories, worried about TotalE energies' lack of climate strategy, want to make their voice heard at the May 24 general meeting of the oil giant. They are concerned about the concentration of powers in the hands of one and the same person, which they say represents an intrinsic risk of conflicts of interest. The members of this coalition of shareholders include Achmea Investment management (Pays- Low), Candriam (Belgium, 144 billion), or AP7 (Sweden).