09:04 AM EDT, 05/21/2024 (MT Newswires) -- (Updates with additional details from the second paragraph.)

Shell (SHEL) shareholders voted in favor of the company's new energy transition plan that includes weaker carbon emissions targets while rejecting a resolution filed by a group of investors seeking higher standards, according to media reports.

A proposal by activist investor Follow This endorsed by 27 other investors for more ambitious climate policies received the support of 19% of shareholders while Shell management's proposal won over 78% of shareholders, Bloomberg News reported.

Follow This submitted its proposal after the company reduced its 2030 carbon reduction targets to between 15% and 20% compared to the previous 20% in March, Bloomberg reported. The oil and gas producer has also abandoned a previous goal of a 45% reduction in carbon emissions by 2035.

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