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Pre-Market:
- The Wall Street Journal
Shell Directors Are Sued Over Action on Climate
A group of environmental lawyers that holds a small shareholding in Shell challenged the oil giant over what it says are failures to act on the climate crisis.
- Reuters
Institutional investors back Shell board lawsuit over climate risk
A group of European institutional investors is backing a novel London lawsuit against energy giant Shell's board over alleged climate mismanagement in a case that could have far-reaching implications for how companies tackle emissions. ClientEarth, an environmental law charity turned activist Shell investor, said it had filed a High Court claim on Wednesday, alleging Shell's 11 directors have failed to manage the "material and foreseeable" risks posed to the company by climate change - and that they are breaking company law. It is the first, notable lawsuit by a shareholder against a board over the alleged failure to properly prepare for a shift away from fossil fuels - and comes one week after Shell posted a record $40 billion profit for 2022, partly fuelled by the energy crunch after Russia's invasion of Ukraine.
- Bloomberg
Shell’s Board Sued by Institutional Investors Over Lack of Climate Ambition
(Bloomberg) -- Shell Plc faces a new front in climate litigation as a group of frustrated shareholders sue the oil giant’s board in the UK.Most Read from BloombergMeta Asks Many Managers to Get Back to Making Things or LeaveGeorge Santos Gets Into Fight With Mitt Romney at State of the Union DebutChinese Balloon Was Part of Years-Long Spying Program, US SaysDeSantis Chides Trump as Republicans’ 2024 Presidential Race Heats UpRussia Will Fail to ‘Break’ Ukraine, Estonia’s Spy Chief SaysTwo years
