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Prices at the Pumps - April 17, 2024 #saltwire #energymarkets #pricesatthepumps #gaspricesPARIS - A group of investors in French oil major TotalEnergies is calling for the company to split the roles of CEO and chairman, which they say could speed up its shift away from fossil fuels.
The move challenges the dominance of Patrick Pouyanne, who has held the role of CEO and chairman at the world's fifth-largest listed oil company for nearly a decade, spearheading a strategy of growing oil and gas output while also increasing renewables."In France the governance of the company is by law a competence of the Board...and the Board is likely not to consider as receivable such a resolution," said a TotalEnergies spokesperson.
"We really get the feeling that those investors weren't heard by the board," said Ethos Fund CEO Vincent Kaufmann. Fourteen companies listed on France's CAC 40 index have split the roles of chairman and CEO since 2016, while 12 still have a single CEO/chairman.
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