Total's Annual Shareholders’ Meeting: Assurances du Crédit Mutuel and Crédit Mutuel Asset Management will abstain from voting on resolution 14 relating to the company's climate strategy
Published on 19/05/2021
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True to their mutualist values, Assurances du Crédit Mutuel and Crédit Mutuel Asset Management apply an engaged investment policy to grow the savings of their customers and members while also contributing to the efforts to deal with the major ecological and societal challenges of our time. As part of this approach, combating climate change is a top priority.
Based on this mandate, Assurances du Crédit Mutuel and Crédit Mutuel Asset Management engage in constructive, regular and respectful shareholder dialog.
At its Annual Shareholders’ Meeting on May 28, 2021, Total will propose a resolution on its climate strategy (resolution 14) which sets out three positive developments:
- the involvement of the shareholder community through the annual shareholders’ meeting and the resulting obligation created for the company;
- the definition of a scope of commitments that includes the use by clients of the products and services sold by Total (scope 3);
- the acceptance of commitments across all of Total's activities, regardless of where they are located.
Given the progress achieved over the last year, Assurances du Crédit Mutuel and Crédit Mutuel Asset Management will abstain this year from voting on Total’s say on climate resolution. This abstention constitutes a requirement around the continuation of the process in order to rapidly lead to:
- a reduction in oil production and no further exploration of new oil fields;
- the definition of intermediary objectives to ensure the credibility of the 2050 targets;
- a better distinction between production and marketing;
- regular consultation through the annual general meeting on these new commitments and on the progress made in Total's transformation.