Post by Brynn O'Brien

Yesterday I spoke at Equinor’s AGM on a shareholder resolution co-filed by Sampension, Folksam, and Australasian Centre for Corporate Responsibility (ACCR) . We called on the board to disclose its assessment of alignment with the climate expectations of its majority shareholder — the Norwegian government. Equinor is in a unique position among carbon majors: it has explicit backing from its controlling shareholder to align with global climate goals. Yet, the ownership approach taken by the Norwegian Ministry of Trade, Industry and Fisheries has produced a paradox. While the company is *theoretically* supported to transition, its leadership faces no real pressure — or even incentive — to do so. The result? Continued investment in new oil and gas projects fundamentally incompatible with climate science. It is also troubling that the Ministry has used its majority stake to block minority shareholders from securing greater transparency. While that’s within their rights, it’s a short-sighted and risky stance. It not only shields the board from legitimate scrutiny — it exposes both the company and Norway to escalating financial and climate risks. We’ll continue engaging with the Norwegian government. And we encourage other investors, particularly across the Nordic region, to join us in holding Equinor to the standard its own shareholder claims to support. Press release with quotes from Jacob Ehlerth Jørgensen and Emilie Westholm link in the comments. A privilege to work with Jacob, Emiliie, Anjli Raval and Erik Granström on this project. May be of interest Martin Norman Sarah Brewin Annabel Clark Nick Mazan Natasha Landell-Mills, CFA Eric Christian Pedersen Philip Ripman Ida Lærke Holm Astrid Alexandersen Brian Valbjørn S. Christine Chow, PhD Victoria Lidén Emma Henningsson Ketan Joshi Anne Karin Sæther Julie Forchhammer Alex Hillman Naomi Hogan Pranav Dayal Isaac HS Pang Frank Pan Gemma Yeates Guy Wilkinson Dickon Tord Lauvland Bjørnevik Arild Skedsmo Ada Lea Mikael Holter Gwladys Fouché Gina Gambetta Mona Dohle