TotalEnergies AGM vote paves way for CEO Pouyanne reign beyond 2030
Shareholder Approval and Leadership Strategy
By America Hernandez
AGM Decision and Implications
PARIS, May 29 (Reuters) - Investors in French oil major TotalEnergies overwhelmingly approved lifting the age limits for its chair and CEO roles at its shareholders' meeting (AGM) on Friday, paving the way for Patrick Pouyanne to remain at the helm through 2033.
Pouyanne’s Tenure and Strategic Direction
Pouyanne, who turns 63 next month, became CEO in late 2014 and has been the architect of the group's 2030 strategy to invest in renewables and gas-fired electricity production, even as it continues to grow its legacy upstream oil and gas business.
"We have our 2030 strategy, we are halfway there and we will continue onward," the chairman and CEO said following the vote.
Controversy Over Profits and Supertax Debate
TotalEnergies has recently come under fire for its blockbuster profits from oil price spikes due to the war in Iran, with some French politicians pushing for a supertax on the firm which could be used to help ease prices for consumers.
Public Sentiment and Company Response
In response to a question from a climate campaigner asking whether the company should do more for consumers, Pouyanne said a recent poll had shown French citizens prefer lower prices at the pump rather than a government tax, without saying which poll he was referring to.
Pouyanne’s Comments on Pricing and Taxation
"French people have already expressed themselves, they said they preferred the direct benefit of a capped price at the pump rather than a supertax later that the government may or may not use to finance the energy transition," Pouyanne said.
"By the way, I believe that's why the government walked back its intention to impose a supertax ... We are the only company to voluntarily cap our fuel prices in France, and the more we sell, the more we lose," he added.
Protests and Government Stake
Outside Total's headquarters, where the AGM took place, climate protesters called for the government to impose a supertax and to halt all financial support to Total, including the $2.8 billion stake the state has built up in the oil major with citizens' regulated savings accounts.
Government Investment Disclosure
The stake, held via the state's financial arm Caisse des Depots et Consignements, makes the government Total's 10th-largest investor and was disclosed for the first time in a February filing to the U.S. Securities and Exchange Commission.
(Reporting by America Hernandez; Editing by David HolmesEditing by Sudip Kar-Gupta and Susan Fenton)
