Over £20 BILLION in UK pension money is invested in Shell

More than £20bn of UK pension money is tied up in Shell, new research claims.

The average UK pensioner invests £905 in Shell, according to an analysis by Make My Money Matter – a campaign set up by film director Richard Curtis.

The oil giant is facing an investor revolt today at its annual general meeting (AGM) from some investors calling on Shell to move faster on its net zero ambitions.

The company has come under fire for making huge profits while reaping the benefits of higher energy prices.

Pressure on oil companies’ efforts to reduce emissions eased as the focus shifted to producing safe oil and gas pipelines.

Share prices of energy companies like Shell and BP have skyrocketed as investors flock to what they see as a haven of stable returns.

In its most recent results, Shell reported a record profit of £7.7 billion in the first quarter.

Several pension schemes have announced plans to vote against Shell’s directors for “not acting sufficiently on the climate crisis”.

Nest and London CIV, representing nearly £78 billion in pension money, will join the Church of England Pensions Board and Brunel Pensions Partnership to vote against directors at Shell’s AGM.

Katharina Lindmeier, Nest’s Senior Responsible Investment Manager, said: ‘Following their record profits, we had hoped that Shell would step up their operations to achieve their net-zero ambitions.

“Instead, they’re kicking the can on the road and increasing risk for long-term shareholders.”

Both Nest and London CIV will vote against re-election of Shell chairman Sir Andrew MacKenzie, supported by investment adviser PIRC, in a bid to hold executives accountable for climate inaction.

While many investors will be pleased with the boost to their savings from the $4 billion share buyback, polls show that the funds are well supported by investors.

Some 44 percent of the 2,000 Make My Money Matter respondents think their fund should vote against Shell’s directors at the AGM.

An even larger number – 58 percent – have no idea their money has been invested in the oil company.

Just over a fifth say they will change pension provider if they find out that their savings have been invested in Shell.

‘The pension sector is convinced that it is only through involvement that they can really change the behavior of fossil companies.

Well, now is the time to put words into action,” said Tony Burdon, CEO of Make My Money Matter.

That’s why Make My Money Matter is calling on the industry to finally flex its muscles in boardrooms this AGM season and vote to make Shell and its polluting peers outperform, to protect member savings and our planet.

“Because you can’t claim to be a leader on climate, but continue to support the directors of companies that drive fossil fuel expansion.”