May 12, 2022 | Editor: Martin Wennerström
TotalEnergies faces shareholder pressure to boost climate targets
A group of TotalEnergies shareholders has requested that the firm tighten its greenhouse gas reduction targets to better align its climate strategy with the Paris Agreement. The proponents contend that the proposal would make Total the first oil and gas firm to align its 2030 targets with the agreement’s 1.5°C goal. The firm opposes the proposal, arguing that it encroaches on the board’s legally defined prerogatives. In response, the proponents have called on French regulator AMF to ensure that the item appears on the agenda. The firm has nevertheless announced new disclosure commitments and proposed an advisory shareholder vote on an annual sustainability and climate report, which would focus on the company’s energy transition strategy and implementation.
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Investor sues Netflix over subscriber growth figures
A Netflix shareholder is suing the firm for allegedly misleading the market about its subscriber count, seeking monetary damages on behalf of shareholders who owned Netflix shares between October 19, 2021, and April 19, 2022. The shareholder, a Texas-based investment trust, claims that Netflix failed to inform investors about the declining subscriber growth and the loss of subscribers on a net basis. Notably, in April the firm’s share price dropped 35% in one day after reported earnings showed 200,000 lost subscribers in Q1. The firm has attributed its underperformance to increased competition, inflation, and the suspension of its Russian services.
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Governance in Brief – May 12, 2022
TotalEnergies faces shareholder pressure to boost climate targets A group of TotalEnergies shareholders has requested that the firm tighten its greenhouse gas reduction targets to better align its climate strategy with the Paris Agreement. The proponents contend that the proposal would make Total the first oil and gas firm to align its 2030 targets with the agreement’s 1.5°C goal.