popular articles

TotalEnergies: shareholders oppose Patrick Pouyanné’s multiple functions

TotalEnergies shareholders propose splitting the roles of CEO and Chairman for Patrick Pouyanné, aiming for stronger governance and ambitious climate targets.
Actionnaires Total cumul fonctions Pouyanné

Please share:

A coalition of TotalEnergies shareholders, led by the Ethos Foundation and including international investors such as Achmea Investment Management, Candriam and AP7, has tabled a resolution for the Annual General Meeting on May 24. They propose to separate the functions of CEO and Chairman currently held by Patrick Pouyanné. This group, representing 0.62% of TotalEnergies’ market capitalization, expresses its concern for more transparent governance and stronger climate commitments.

Shareholder arguments for separation of roles

Shareholders argue that the concentration of power in a single person can lead to conflicts of interest and compromise governance. In their view, a separation could strengthen the board’s oversight of the company’s management, thereby promoting the interests of shareholders and stakeholders. They insist that the resolution is not intended to call into question Pouyanné’s skills as CEO, but to optimize the management structure to better tackle challenges, particularly environmental ones.

Background to previous climate resolutions

This initiative comes against a backdrop where previous resolutions, notably those carried by Follow This in 2023, have failed to mobilize majority support, despite acquiring a significant 30.4% of the vote. These earlier resolutions asked TotalEnergies to specify its commitments in terms of CO2 emissions reduction and climate policy. TotalEnergies’ management of these issues, as well as its response to the climate resolutions, were the source of intense debate at the Annual General Meetings.

Challenges and implications of the new resolution

The outcome of this new proposal could significantly influence TotalEnergies’ governance structure, particularly at a time when global energy companies are coming under increasing scrutiny for their environmental impact and climate strategy. The proposed dissociation of management roles is seen by shareholders as a potential means of improving dialogue and efficiency in the management of climate and energy transition issues.

TotalEnergies’ shareholders’ proposal to separate the roles of CEO and Chairman reflects a growing trend towards more divided corporate governance focused on ambitious environmental objectives, in response to investor and stakeholder concerns about the company’s climate strategy.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Chinese giant Sinopec publishes its first international global energy outlook, forecasting a peak in primary energy consumption by 2045 and a rise in non-fossil energy sources.
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
TotalEnergies’ Antwerp platform plans to end operations of one steam cracker by late 2027, while continuing investments in green hydrogen and sustainable fuels.
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
Shanghai Electric has secured strategic partnerships with Masdar and Mawarid Group for large-scale solar and wind projects, strengthening its industrial presence in the Middle East.
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
Weaker North American market conditions weighed on Halliburton's quarterly results, despite strong international activity and revenues exceeding analysts’ expectations.
The global artificial intelligence market applied to the energy sector is expected to grow at an annual rate of 36.9% between 2024 and 2030, according to a report published by MarketsandMarkets™ on April 22.
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
Xavier Huillard departs from Vinci’s executive leadership after two decades of major transformations, handing over to Pierre Anjolras following Thursday’s general assembly.
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
Technip Energies has secured a contract with Jet Zero Australia for the engineering of a project aimed at producing sustainable aviation fuel in Townsville, Australia, with an annual capacity of 102 million litres by 2028.
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
South African group Eskom has issued a call for tenders to establish an independent entity focused on renewable energy, as part of its strategic restructuring.
France Chimie warns that 47 industrial sites in France and up to 350 across the European Union could shut down without an emergency response to the escalating trade tensions with the United States and China.
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
A master agreement between ExxonMobil and Rice University initiates a series of joint energy research projects focused on technological innovation in water treatment and resource recovery.
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
Dutch group SBM Offshore has secured a new USD1.1bn revolving credit facility from an international banking consortium, extending and enlarging a previous financing agreement.
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
Equinor restructures operations to enhance earnings in growing power markets by merging its renewables and flexible generation assets into a single business unit.
According to the International Energy Agency, artificial intelligence will drive a global rise in data centre electricity consumption, reaching the current level of Japan’s national use by the end of the decade.
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
Sinopec and Saudi Aramco have signed a framework agreement to expand the Yanbu complex, aiming to establish an integrated refining and petrochemical platform with high industrial capacity.
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
Fusion Fuel has signed a letter of intent to acquire a UK-based fuel distribution company valued at £50mn, as part of its strategy to expand its presence across the energy value chain.
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
SBM Offshore finalises a non-recourse leaseback agreement worth $400 million for FPSO Cidade de Paraty, transferring ownership to a consortium of Chinese lessors for an eight-year period.
Viridien will reprocess two 3D seismic datasets in the Berkine Basin for the Hassi Bir Rekaiz consortium over a 13-month period.
Mining companies are turning to copper production to drive growth from 2025, marking a strategic shift in capital allocation, according to Wood Mackenzie.
Mining companies are turning to copper production to drive growth from 2025, marking a strategic shift in capital allocation, according to Wood Mackenzie.
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
Swedish manufacturer Autoliv signs two 12-year renewable power purchase agreements with Alight and Eurowind Energy to ensure stable supply and anticipate volatility in European energy markets.
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
Avangrid brought together over 150 energy stakeholders in Cambridge during its annual forum to accelerate the development of technological solutions involving artificial intelligence, storage, and infrastructure resilience.
ExxonMobil has announced the upcoming retirement of Karen McKee and the appointment of Matt Crocker as president of the Product Solutions division, marking a key change in the group’s governance effective 1 May 2025.
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
France now counts over 100 long-term electricity purchase agreements, totalling 2 GW, mainly driven by the rise of photovoltaics and the expansion of hybrid and multi-buyer models.
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
UK-based manager Schroders Greencoat acquires a minority stake in ten Repsol renewable assets in Spain, valued at €580mn, reinforcing its investment strategy in the European energy transition.
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.
Swiss fund Energy Infrastructure Partners increases its stake in Plenitude to 10% after a total €800mn investment, confirming a post-transaction equity valuation of €8bn.

Advertising