Royal Dutch Shell posts notice of AGM & publishes Energy Transition Strategy

Royal Dutch Shell Plc

Royal Dutch Shell plc (LON:RDSA) has posted notice of its AGM, which can be viewed and downloaded from www.shell.com/agm. The Notice states that the AGM is scheduled to be held at Shell headquarters, at Carel van Bylandtlaan 16, 2596 HR, The Hague, The Netherlands at 10:00 (Dutch time) on Tuesday May 18, 2021.

In addition, Shell publishes its Energy Transition Strategy which can also be downloaded in pdf format from www.shell.com/agm.

AGM 2021
At the time of drafting the Notice, both the Dutch and UK Governments have banned public gatherings with strict exceptions.  We continue to believe that these restrictions, even if eased ahead of our AGM, significantly restrict our ability to safely and effectively plan and hold an AGM with shareholders physically present.

Accordingly, the technical venue of the Company’s AGM will be at our headquarters location at Carel van Bylandtlaan 16, 2596 HR The Hague, The Netherlands.  However, in order to protect public safety and prevent the spread of the coronavirus, physical attendance at the meeting will be strictly limited to the Chair, the Chief Executive Officer, the Chief Financial Officer and the Company Secretary.  Unfortunately, that necessarily means that physical attendance will not be allowed for any shareholders, including their proxy representatives.

Arrangements for the 2021 AGM
This year our AGM will be webcast, allowing two ways shareholders can follow the proceedings in the comfort and safety of their homes: i) simply watching the webcast; or ii) attending and participating in the webcast by registering through an electronic platform (“virtually attending”).  Shareholders who wish to simply watch the webcast should log on to www.shell.com/AGM/webcast and follow the online instructions.  Shareholders that want to vote or ask questions at the meeting, should access the virtual meeting.

Shareholders wanting to access the meeting virtually should refer to the materials sent to them. Those holding shares via an intermediary, should contact that intermediary for further information.

Shareholders are encouraged to register in the “Keep up to date with Shell” section of the Shell website at www.shell.com/investors to receive the latest AGM news.

Shareholder questions
Our AGM normally provides an opportunity for shareholders to ask questions about the business set out in the Notice and to raise other matters about the business of the Company. This year we are planning a question and answer session during the AGM with those shareholders attending virtually. Instructions about how to ask a question will be provided to shareholders once the meeting has been accessed on May 18, 2021.  Further information can also be found on pages 20 and 23 of the Notice of Meeting, available on our website at www.shell.com/agm. 

Shell Board requests support for energy sector’s first shareholder advisory vote on an energy transition strategy
Today also marks the publication of Shell’s Energy Transition Strategy, which has been published for submission to a shareholder advisory vote at the 2021 AGM.  The document is published simultaneously with the Notice of Meeting and shall be deemed to be incorporated in, and form part of, the Notice of Meeting.

The publication of Shell’s Energy Transition Strategy follows detailed conversations with shareholders and describes Shell’s energy transition strategy as we work towards becoming a net-zero emissions energy business by 2050, in step with society’s progress towards the goal of the UN Paris Agreement on climate change, including our emissions targets. The report aims to help investors and wider society gain a better understanding of how we are addressing the risks and opportunities of the energy transition.

We are the first energy company to submit our energy transition strategy to shareholders for an advisory vote and will be publishing an update every three years until 2050. Every year, starting in 2022, we will also seek an advisory vote on our progress towards our plans and targets. The vote is purely advisory and will not be binding on shareholders.

Although the Shell Energy Transition Strategy is included in this announcement, we recommend you view the online PDF of the document, which is available at www.shell.com/agm.

Voting
It is as important as ever that shareholders cast their votes in respect of the business of the AGM. We strongly encourage our shareholders to submit their proxy voting instructions ahead of the meeting. Any advance voting must be done by completing a proxy form or submitting proxy instructions electronically. We strongly encourage you vote as early as possible.

If appointing a proxy, shareholders are strongly encouraged to appoint the “Chair of the meeting” to ensure their appointed proxy is present and can vote on their behalf.

Shareholder presentation, London
In prior years we have held a Shareholder Presentation in London, two days after the AGM. For the reasons outlined in the Notice of Meeting, we have again deemed it necessary to cancel this event.

We recognise that some of our shareholders value this opportunity to engage in person with the Board, and like us, they may consider this news most unwelcome.  However, we must consider safety first, and the changes we are making in these continuing exceptional circumstances have been made to protect our people and those that may have attended this event.

We hope that our shareholders who typically attend this presentation take the alternative opportunity to join our AGM virtually.

National Storage Mechanism
In accordance with the Listing Rules, a copy of each of the documents below have been submitted to the National Storage Mechanism and are/will be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

  • Annual Report and the Form 20-F for the year ended December 31, 2020
  • Notice of the 2021 Annual General Meeting
  • Shell Energy Transition Strategy
  • Notice of Availability of Shareholder Documents
  • Proxy Form relating to the 2021 Annual General Meeting

The Annual Report and the Form 20-F for the year ended December 31, 2020 can also be viewed and downloaded from the Company’s website: www.shell.com/annualreport.

Printed copies of the Notice and associated documents will be despatched to those shareholders who have elected to receive paper communications.

CHAIR’S MESSAGE
This publication describes Shell’s energy transition strategy as we work to become a net-zero emissions energy business by 2050, in step with society’s progress towards the goal of the UN Paris Agreement on climate change.

It aims to help investors and wider society gain a better understanding of how Shell is addressing the risks and opportunities of the energy transition. It shows how we will navigate the transition profitably and in line with our purpose – to power progress together with more and cleaner energy solutions.

We have prepared this Energy Transition Strategy publication for submission to a shareholder advisory vote at the Annual General Meeting of Royal Dutch Shell, on May 18, 2021. It follows detailed conversations with shareholders and describes Shell’s energy transition strategy, including our emissions targets.

Your Directors recognise their responsibility to set the company’s strategy. This is unchanged. We consider this publication, and the strategy it summarises, to be aligned with the more ambitious goal of the Paris Agreement, to limit the increase in the average global temperature to 1.5 degrees Celsius above pre-industrial levels.

Shell is the first energy company to submit its energy transition strategy to shareholders for an advisory vote. We will publish an update every three years until 2050. Every year, starting in 2022, we will also seek an advisory vote on our progress towards our plans and targets.

The vote is purely advisory and will not be binding on shareholders. We are not asking shareholders to take responsibility for formally approving or objecting to Shell’s energy transition strategy. That legal responsibility lies with the Board and Executive Committee.

While the energy transition brings risks to the company, it also brings opportunities for us to prosper and to build on our positive contribution to society. Our strategy, as outlined in this report, is designed to minimise those risks while enhancing our ability to profitably lead as the world transitions to an energy system that is aligned with the goal of the Paris Agreement.

It is important for shareholders to have a clear understanding of the company’s strategy as we work together to meet the goal of Paris. The Board and management also believe it is important for all shareholders to have a vehicle to express their views on whether our strategy is reasonable in the current environment. This advisory vote is designed to be that vehicle. It does not shield or abdicate the Board’s or management’s legal obligations under the UK Companies Act.

The support of our shareholders is critical for us to achieve our target to become a net-zero emissions energy business by 2050, in step with society. We hope to gain your support for the approach described in this publication. In addition to your vote, we invite your continued feedback ahead of the publication of our next Energy Transition Strategy which will be presented to shareholders before the Annual General Meeting in 2024.

The Board recommends that you vote in favour of resolution 20, in support of the energy transition strategy described in this publication.

CHAD HOLLIDAY
Chair – Royal Dutch Shell

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