At its AGM on July 28, shareholders delivered a clear message to the board of Linde plc: investors expect greater transparency about the company’s strategy for securing renewable electricity – a key enabler of both its climate commitments and future competitiveness.
Despite opposition from the Board, the landmark shareholder resolution secured the support of 13.05% of shareholders – a notable result given today’s challenging proxy environment, where shareholder rights and ESG-related proposals face increasing resistance.
Filed by NorthStar Assent Management and backed by investors managing $4 trillion in assets under management (AUM), the proposal asks Linde to disclose if and how the company could develop a policy guiding its future procurement of renewable electricity.
The proposal drew pre-declarations of support from key Nordic and European pension funds – including AP2, Storebrand, Kommunal Landspensjonskasse (KLP), Lannebo, and Ircantec – as well as voting recommendations from Switzerland’s Ethos Foundation, representing more than 255 pension funds. At the AGM, an investor coalition representing $1.65 trillion in AUM reinforced that message through a joint statement calling on Linde to demonstrate greater ambition.
Campaign lead Liv Simpliciano says, “The vote sends a signal that Linde cannot ignore. In an era of volatility in energy markets and increasing competition for clean power, investors need the ability to assess for themselves how one of the world’s largest corporate electricity users is managing this material business risk — and whether its strategy supports energy security, maintains long-term competitiveness and delivers on its climate targets. For a company of Linde’s scale, transparency is the bare minimum investors should expect.”
Linde’s announcement of new power purchase agreements (PPAs) supplying approximately 0.63 TWh per year of renewable energy in Spain, Greece, South Africa and India ahead of the AGM is a welcome step forward and suggests a positive response to growing shareholder pressure. However, these agreements amount to the equivalent of just 1.5% of the company’s 2025 electricity footprint. While every megawatt of additional renewable energy is worth celebrating, piecemeal announcements are not a substitute for a transparent energy strategy.
Looking ahead, 2027 represents a critical window for action. We urge investors to continue engaging with Linde to secure a credible and transparent renewable energy procurement policy.
