Institution Theme Category Industry
  • Dimensional
  • Environmental
  • Climate
  • Oil & Gas
Company Year Market Link
Total SE 2020 N/A

Total SE, a French oil and gas company, received a shareholder resolution requesting an amendment to the portfolio company’s articles of association to disclose greenhouse gas (GHG) emissions in line with the Paris agreement. The portfolio company recognizes climate change as a material risk in its annual financial report.
Dimensional engaged with the Total SE to discuss the portfolio company’s opposition to the shareholder proposal. The portfolio company shared that it has board-level oversight of climate issues through its Strategy and Corporate Social Responsibility Committee and discloses its Scope 1, 2, and 3 emissions, as well as a carbon intensity measure. Further, the portfolio company has recently announced that it intends to achieve net-zero emission on its worldwide operations by 2050 (Scopes 1 and 2), achieve carbon neutrality on its production and energy products used by its customers in Europe by 2050 (Scopes 1, 2 and 3), and achieve 60% reduction in the average carbon intensity by 2050.


  • Proponent
  • Shareholder
  • Resolution
  • Greenhouse Gas Emissions Shareholder Proposal
  • Vote
  • Rationale
  • N/A
  • Details
  • After engaging with the portfolio company and reviewing publicly available materials, we believe the portfolio company has disclosed adequate information on the role of the board in overseeing climate change risks. The company also discloses sufficient emissions and carbon intensity metrics. We also considered that the portfolio company had announced plans to reduce emissions to net zero by 2050. In light of these considerations, Dimensional voted against the proposal.