It is an understatement to say that the General Meeting of Shareholders of TotalEnergies, which was to rule this Friday, May 24 in favor of the renewal of Patrick Pouyanné at the head of the group, came at a complicated time for him. The declarations of the CEO of the energy group on his possible departure from the CAC 40 for New York and the Wall Street Stock Exchange had caused a stir all the way to the top of the Elysée, with Emmanuel Macron recalling in his major interview with L’Express: “Total never had to complain about being French.”
These controversies did not, however, prevent the group’s shareholders from largely reappointing Patrick Pouyanné as director of TotalEnergies for three more years, with nearly 75.73% of the votes. Slightly weaker support than three years ago (77%). Shareholders also voted more than 90% in favor of the resolutions relating to the remuneration of Patrick Pouyanné in 2023 and during his next mandate.
Before shareholders, Patrick Pouyanné promised this Friday to “stay the course”, a way of standing out from his competitors BP and Shell, who have announced a slowdown in the pace of their energy transition. “I confirm to you, no need to say it, but if some doubt that we will stay the course of this balanced strategy”, between oil and gas on the one hand, and low carbon energies on the other, declared the CEO of 60 years old, whose company prides itself on being more profitable, less indebted, more solid, and more generous for its shareholders.
Actions of environmental activists
TotalEnergies shareholders also approved this Friday by 79.72% of the group’s balance sheet and climate strategy. This result is, however, a clear decline compared to last year, when the strategy was approved by almost 89% of shareholders.
“TotalEnergies demonstrates every day that it is possible once again to be a profitable company, even the most profitable, while transforming itself” and “investing in the energies of tomorrow,” Patrick Pouyanné declared to his shareholders before the vote. While recalling that it was “necessary” to put “new” oil fields into production, going against the recommendations of the International Agency, whose carbon neutrality scenario in 2050 bans any new oil and gas projects.
The start of the day was marked by actions by environmental activists. From 9 a.m., Greenpeace activists had deployed a gigantic “Wanted” banner on a building a few hundred meters from the group’s headquarters, showing Patrick Pouyanné, whom “civil society is looking for,” before the police took it down.
But the tension was especially concentrated at another general meeting, in Paris: that of the French asset manager Amundi, one of the first shareholders of TotalEnergies, where several hundred Extinction Rebellion activists gathered. Among the chants, that of “Amundi accomplice”. Several dozen people entered the premises by force, before leaving. Damages were committed and security agents injured, said a police source.