TotalEnergies: the shareholders who voted for climate backsliding in 2025

At TotalEnergies’ 2025 annual shareholders’ meeting, despite the announced climate setbacks, shareholders continued to support the fossil fuel expansion strategy of its executives. Except for a few shareholders identified in our analysis, almost all shareholders approved their remuneration and the re-election of the only outgoing director, as well as the financial statements and dividend payments. Reclaim Finance calls on these TotalEnergies shareholders to radically change their approach and to sanction the company’s climate-damaging strategy by voting against the resolutions proposed by management.

Reclaim Finance’s analysis of the votes cast by the ten largest global, European, and French shareholders in 2025 reveals their climate irresponsibility. These shareholders had already granted an overwhelming support for the strategy of TotalEnergies’ board of directors in 2024. They confirmed this support in 2025, even though the board had reduced its shareholders’ opportunities to express their views by refusing to organize a vote of approval for its climate plan (Say on Climate vote). This support reinforces TotalEnergies in its strategy, as illustrated by the recent political lobbying of its CEO Patrick Pouyanné against European corporate due diligence obligations.(1) 

The science-based recommendations are clear and unequivocal: the IPCC and the scientific community remind us that any new fossil fuel infrastructure compromises alignment with a 1.5°C carbon budget.(2) And the International Energy Agency’s (IEA) Net-Zero 2050 scenario projects a 1.5°C trajectory with no new oil and gas fields and liquefied natural gas export terminals.(3) 

In contradiction with these scientific findings, TotalEnergies was once again the 6th largest oil and gas field developer in the world in 2024,(4) and its deliberate climate-damaging strategy shows no signs of improvement. TotalEnergies recently announced a reduction in its investment forecasts for its “low-carbon” activities and an increase in the share of its investments in new oil and gas projects in 2030.(5) This comes on top of the fact that last year, TotalEnergies increased its planned oil and gas production.(6) 

However, the company’s management chose not to allow shareholders to vote on its climate strategy, even though a record 20% had opposed it in 2024. In the absence of a Say on Climate resolution, and after decades of unsuccessful engagement, including through the Climate Action 100+ collaborative engagement initiative, the only responsible response would have been to take escalation measures by voting against the strategic resolutions proposed by management. 

But in reality, the vast majority of shareholders continue to endorse the strategy proposed by management, voting for the re-election of outgoing directors and the compensation of the Chairman and CEO.(7) None of the top 10 global shareholders oppose these key resolutions. Among the largest French and European shareholders, only Union Investment, DEKA, and Ofi Invest AM vote against the re-election of Lise Croteau, who is yet responsible for the company’s strategy. And only Ostrum AM, La Banque Postale AM, and Ofi Invest AM vote against the CEO’s remuneration.

Although these votes were not systematically justified on climate grounds, these shareholders, who opposed strategic resolutions, had already stood out by voting against or abstaining from voting on the 2024 Say on Climate vote. Such opposition votes follow the approach recommended by academic research on investor impact.(8) These management-proposed resolutions have a binding effect on companies – unlike a Say on Climate resolution – and send the message that climate must be a non-negotiable priority.

Conversely, the votes of some shareholders in 2025 are inconsistent with those of 2024: DWS, Dimensional Fund Advisers, and UBS Asset Management voted against TotalEnergies’ climate plan in 2024, in line with science-based recommendations. In 2025, however, these same shareholders approved all resolutions. Overall, TotalEnergies shareholders voted on average in favor of 94.8% of the management-proposed resolutions,(9) thus expressing strong support for the company’s current strategy.

Through their votes, TotalEnergies shareholders are adopting a short-term approach that prioritizes short-term financial returns over the investments needed to transition away from fossil fuels. Almost all shareholders approved the allocation of dividends and share buybacks,(10) even though the company should use its profits to invest in sustainable energy instead. Among the main shareholders, only Union Investment voted against the share buybacks proposed by the company. As a reminder, in 2024, for every dollar invested in its electricity generation activities, which also include gas activities, TotalEnergies allocated 4 dollars to shareholders. Furthermore, while TotalEnergies’ financial statements do not adequately consider climate-related risks,(11) the vast majority of shareholders approved them at the general meeting. Among the company’s major shareholders worldwide, in Europe, and in France, only La Française – Crédit Mutuel Asset Management (La Française – Crédit Mutuel AM) refused to approve these financial statements, which partly fail to consider climate risks affecting shareholders. 

TotalEnergies’ climate strategy is deteriorating, even though it was already far from aligned with scientific recommendations. The company continues to categorically refuse to consult its shareholders on its climate strategy. This confirms that shareholders must take stronger action. There is an urgent need to use greater leverage, such as voting against management’s strategic resolutions and halting new investments in TotalEnergies, particularly the purchase of its bonds.