United KingdomAdvisory firm PIRC slams Shell on climate strategy before AGM
Ron Bousso
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The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo
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Shareholder advisory PIRC recommended investors vote against Shell s non-binding resolution on its energy transition strategy on Tuesday, setting up a showdown at its annual general meeting next week.
The Pensions & Investment Research Consultants (PIRC), a major proxy advisory, said Royal Dutch Shell s (RDSa.L) strategy to cut emissions does not seem to have a clear plan for the competitive aspects of the energy transition .
He accused the firms of being guilty of a âdispassionateâ approach to the tragic deaths of their workers, adding that they âappear to have quantified or put a value or a price on the life of an employeeâ.
Luke Hildyard, the director of the High Pay Centre, agreed. He said: âIf chief executives are less likely to take the necessary measures to protect their employees if they are not financially incentivised to do so, that is a terrible judgment on their character and integrity made by their own boards.â
Constable added that if workers died on the job, the discussion should no longer be about the chief executiveâs bonus but âfundamental changes to the business, its leadership and its governanceâ.
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2 March 2021: One response to a recent IAASB discussion paper has taken aim at the premise of the consultation and called for its withdrawal – but under good standard-setting practice would this be an appropriate response?
By Stephen Bouvier2021-02-08T13:35:00+00:00
An extraordinary war of words has broken out between Pensions & Investment Research Consultants (PIRC) and the International Auditing and Assurance Standards Board (IAASB) over the audit standard setter’s recent consultation on how auditors handle concerns about fraud and going concern.
In a sharply worded comment letter on the proposals, PIRC chair Alan MacDougall said PIRC was “minded to recommend that shareholders vote against any accounting firm that does not publicly repudiate the assertions in this document”.
He added that any “audits conducted on that basis would be in breach of duties and contract.”