The CEO of TotalEnergies, Patrick Pouyanné, saw his mandate renewed for three years on Friday during the annual general meeting of the century-old group, but more than one shareholder in five voted against the group’s balance sheet and climate strategy, a proportion rising.
The man who has headed the largest French company by turnover for ten years promised Friday to stay “on course” during this AGM which finally took place smoothly, at a distance from environmental activists who denounce fossil fuels. More than 75% of shareholders approved its renewal, close to the score three years ago (77%).
On the climate, Patrick Pouyanné, 60, wants in any case to stand out from his competitors BP and Shell, who have announced a slowdown in the pace of their energy transition, while he boasts of leading “the most involved oil group in the energy transition”, which the think-tank Carbon Tracker contests for the benefit of the Italian company Eni.
“I confirm to you, no need to say it, but if some doubt it, 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, whose company prides itself on being more profitable, less indebted and increasingly generous to its shareholders.
“TotalEnergies demonstrates every day that it is possible once again to be a profitable company, even the most profitable, while transforming” and “investing in the energies of tomorrow,” he added. While recalling that it was “necessary” to put “new” oil fields into production to meet global demand, contrary to the International Energy Agency which recommends the abandonment of any new oil and gas projects. Recommendations similar to a “new Bible”, he quipped in the Senate.
But shareholders were less positive about the group’s annual climate report, in which it describes how it intends to stabilize its oil production and increase its gas production by focusing on liquefied natural gas, at the same time as renewables, for a linked carbon footprint. to the combustion of its products finally stable by 2030. While 89% approved it last year, they were only 79.7% this year.
Around a hundred arrests before Amundi
Unlike last year, environmental activists did not succeed in disrupting the general assembly, which did not take place in Paris but at the headquarters in La Défense, which was easier to protect.
From 9 a.m., Greenpeace activists had deployed a gigantic “Wanted” banner with the face of Patrick Pouyanné on a nearby building, before the police took it down.
In addition to 200 police officers, numerous private security agents protected the tower surrounded by gates. Precautions so heavy that two shareholders challenged the CEO during the meeting because of the delays in entering or the sealing of phones for the duration of the AGM.
TotalEnergies says it chose its 48-story tower to avoid “immobilizing a district of Paris” as in 2023. Patrick Pouyanné nevertheless promised to do better next year.
Seeming tense at first, given the feared disturbances, such as the risk of projectiles being thrown at the glass tower, the CEO gradually relaxed.
The tension was in fact concentrated at another general meeting, in Paris, that of the French asset manager Amundi, one of the first shareholders of TotalEnergies, where hundreds of Extinction Rebellion activists gathered chanting ” Amundi accomplice”.
Several dozen people entered the premises by force, before leaving. Damages were committed and nine security agents were transported to hospital, said a Source at police headquarters.
More than 100 of them were finally arrested, an exceptional volume around an AG.
Uganda
During the traditional questions and answers to the CEO, Ugandan human rights defender Maxwell Atuhura questioned him on the megaproject that has become a symbol of the anti-oil struggle (Tilanga well/EACOP pipeline), for which thousands of households had to give in their land.
“Our desire is to resolve these issues through dialogue,” replied Patrick Pouyanné, referring to around forty cases remaining in dispute, before admitting: “we are not saying that what we do is always perfect “.
Activists from multiple organizations, including Extinction Rebellion, are demanding the “abandonment” of projects in Uganda/Tanzania but also in Mozambique and Papua New Guinea.
The fiery leader also solemnly reiterated to his shareholders that he was not considering leaving France, after the controversy sparked by his declarations on a possible relocation of the main listing of the group from Paris to the New York Stock Exchange, which had made Emmanuel Macron react.
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