French utility Engie going head to head with shareholders over net zero motion

French utility giant Engie is going head to head with sixteen of its biggest shareholders as the company's board is recommending its owners to reject a climate resolution filed by investors.

Sixteen shareholders, including Dutch asset manager APG, have put forward a motion to offer a Say on Climate vote.

The proposal also includes recommendations to improve Engie's disclosure so shareholders can better scrutinise the company's net zero strategy.

The motion was coordinated by France's Forum Pour L'Invetissement Responsable, the country's responsible investment association.

It managed to sign up a range of investors from the Netherlands, France and Belgium and include PGGM, Ecofi, APG, MN, OFI Invest and Sycomore, among others.

"As highlighted by our request to have Engie commit to a regular Say on Climate vote, investors are convinced that general meetings should enable an honest and professional dialogue between shareholders and their investee companies," the investors wrote.

"This is why the coalition has decided, in addition to the aforementioned resolution, to ask Engie's board of directors to add an agenda item to discuss the range of specific information requited by investors to assess companies transition plans during the general meeting."

A vote is scheduled for 26 April, and Engie's board has rejected the motion and urges shareholders to dismiss the proposals.