Overview

Follow This is a Dutch non-profit organization and shareholder advocacy group that engages investors to submit climate-related shareholder resolutions at the annual general meetings of oil and gas companies. The organization calls on companies to align their climate policies with the targets of the Paris Agreement. As an operational entity based in the Netherlands, Follow This functions as a strategic intermediary between institutional investors and energy sector leadership, leveraging corporate governance mechanisms to drive climate action within the fossil fuel industry.

The group was commissioned in 2015, marking its formal entry into the landscape of energy policy advocacy. Mark van Baal serves as the operator of the organization, guiding its strategic direction and operational activities. The establishment of Follow This in 2015 coincided with a growing recognition among financial stakeholders that climate risk required direct engagement at the board level of major energy producers. By focusing on shareholder resolutions, the organization utilizes the annual general meeting (AGM) as a primary venue for exerting pressure on oil and gas companies to adopt more rigorous climate targets.

Follow This operates within the mixed energy sector context, addressing the transition challenges faced by traditional oil and gas entities. The organization’s approach centers on aligning corporate climate policies with the Paris Agreement, a global framework aimed at limiting global warming. This alignment requires oil and gas companies to adjust their operational strategies, investment portfolios, and emission reduction targets to meet internationally agreed-upon climate goals. The Dutch non-profit model allows Follow This to maintain independence while collaborating with a diverse range of investors who seek to mitigate climate-related financial risks.

The advocacy work of Follow This involves identifying key climate-related issues that require shareholder attention. These issues often include carbon pricing, renewable energy investment, and the decarbonization of existing assets. By submitting resolutions at AGMs, the organization forces oil and gas companies to publicly address these topics, thereby increasing transparency and accountability. The presence of a dedicated operator, Mark van Baal, ensures that the organization maintains a focused and consistent approach to its advocacy efforts. The operational status of Follow This remains active, continuing to engage with investors and energy companies to promote climate alignment.

The organization’s role as a shareholder advocacy group highlights the increasing importance of financial stakeholders in shaping energy policy. Investors are increasingly using their voting power to influence corporate behavior, particularly in sectors with high carbon footprints. Follow This facilitates this process by providing the research, strategy, and coordination necessary to submit effective resolutions. The Dutch context provides a strategic base for operations, given the country’s significant involvement in global energy markets and its progressive stance on climate policy. The organization’s work contributes to the broader effort to integrate climate considerations into the core business strategies of oil and gas companies.

Follow This represents a specialized approach to climate advocacy, focusing on the mechanisms of corporate governance rather than direct political lobbying or consumer activism. By engaging investors, the organization taps into the financial leverage that shareholders hold over company management. This approach is particularly relevant for oil and gas companies, which face increasing pressure to demonstrate progress on climate goals. The organization’s commitment to aligning policies with the Paris Agreement underscores the urgency of the climate crisis and the need for coordinated action across the energy sector. The operational framework established in 2015 continues to serve as a model for shareholder-driven climate advocacy.

History and Founding

Follow This was established in 2015 as a Dutch non-profit organization dedicated to shareholder advocacy within the energy sector. The entity was founded by Mark van Baal, who serves as the primary operator and driving force behind the group's strategic initiatives. The organization emerged from a growing recognition that traditional corporate governance mechanisms within the oil and gas industry were insufficient to address the accelerating climate crisis. Van Baal identified a critical gap between the climate policies of major fossil fuel producers and the scientific targets outlined in the Paris Agreement. This misalignment prompted the creation of a specialized advocacy group designed to engage directly with investors, leveraging their financial stakes to influence corporate decision-making.

Strategic Focus on Oil and Gas Governance

The founding philosophy of Follow This centers on the engagement of investors to submit climate-related shareholder resolutions at the annual general meetings of oil and gas companies. This approach distinguishes the organization from broader environmental NGOs by focusing specifically on the mechanics of shareholder advocacy. By targeting the annual general meeting process, Follow This utilizes the formal governance structures of publicly traded energy firms to introduce binding or indicative resolutions. This method allows institutional investors to exert direct pressure on boards of directors, forcing a re-evaluation of capital allocation and emissions reduction strategies.

Growth of Institutional Support

Since its inception in 2015, Follow This has seen a steady growth in support from institutional investors. The organization's model resonated with financial entities seeking to mitigate climate-related risks in their portfolios. The emergence of concerns over the long-term viability of oil companies and the broader financial sector's exposure to fossil fuel assets provided fertile ground for this advocacy model. Institutional investors, including pension funds and asset managers, increasingly viewed shareholder resolutions as a low-cost, high-impact tool for driving corporate change. Follow This facilitated this engagement by providing the research and strategic framework necessary to craft effective resolutions. The organization's operational status remains active, continuing to bridge the gap between financial stakeholders and energy producers in the Netherlands and beyond.

How does shareholder activism work in the oil and gas sector?

Shareholder Activism Mechanism

Shareholder activism in the oil and gas sector operates through the legal rights granted to equity holders, allowing them to influence corporate strategy without holding a controlling interest. Organizations like Follow This leverage these minority shareholder rights to submit formal resolutions at annual general meetings (AGMs). These resolutions serve as binding or advisory votes that compel the board of directors to address specific issues, such as climate policy alignment with the Paris Agreement targets. The mechanism relies on the aggregation of shares, often coordinated by institutional investors, to achieve the necessary voting power to pass or significantly influence the outcome of a resolution.

Role of Institutional Investors

Institutional investors play a critical role in this process by providing the capital base and voting weight required to make shareholder proposals viable. As major stakeholders in oil and gas companies, these investors have a direct financial interest in the long-term sustainability and risk management of their portfolio companies. By engaging with these investors, advocacy groups can mobilize significant voting blocks to support climate-related resolutions. This collaboration between non-profit organizations and institutional capital creates a powerful lever for change, enabling the submission of targeted resolutions that might otherwise be diluted by dispersed retail shareholders. The involvement of institutional investors also adds credibility and financial weight to the proposals, signaling to the board that climate alignment is a priority for significant portions of the shareholder base.

Influencing Climate Policies

The primary goal of these shareholder resolutions is to drive tangible changes in corporate climate policies. By submitting resolutions that call for alignment with the Paris Agreement, organizations aim to force oil and gas companies to adopt more rigorous emissions reduction targets, enhance transparency in climate reporting, and integrate climate risks into their strategic planning. This process creates a formal mechanism for accountability, where the board of directors must respond to shareholder demands during the AGM. The success of these resolutions can lead to the adoption of new climate strategies, the establishment of dedicated oversight committees, and the implementation of specific metrics for tracking progress toward climate goals. Ultimately, this form of activism seeks to bridge the gap between corporate action and global climate targets, using the leverage of shareholder rights to push for more ambitious and effective climate policies within the energy sector.

Impact on Oil Company Emissions

Follow This has leveraged shareholder advocacy to influence the emission trajectories of major oil and gas producers, with Shell serving as a primary case study. The organization’s strategy involves engaging institutional investors to submit and back resolutions that align corporate climate policies with Paris Agreement targets. This approach aims to translate financial pressure into operational changes within the energy sector.

Shell Resolutions and the 75% Threshold

Significant engagement with Shell occurred in 2018 and 2024, marking key milestones in Follow This’s advocacy. In 2018, the group worked with investors to introduce resolutions targeting Shell’s climate strategy. These efforts sought to hold the company accountable for its greenhouse gas emissions relative to global warming limits. The 2024 campaign continued this pressure, focusing on the implementation of earlier commitments. A central element of these proposals was the 75% threshold, a metric used to evaluate the sufficiency of Shell’s emission reduction plans. This threshold serves as a benchmark for determining whether the company’s policies are consistent with limiting global temperature rise.

Institutional Investor Collaboration

The effectiveness of Follow This’s resolutions depends heavily on collaboration with institutional investors. These investors provide the voting power necessary to sway outcomes at annual general meetings. By aligning the interests of financial stakeholders with climate goals, Follow This creates a unified front against oil companies. This collaboration ensures that climate-related resolutions are not merely symbolic but have the potential to influence corporate governance. The involvement of major funds amplifies the message, signaling to companies that climate risk is a material financial concern.

The advocacy landscape is not without legal friction. A notable incident involved a lawsuit by ExxonMobil, which highlights the growing tension between shareholder activists and traditional energy giants. While the specific details of the ExxonMobil lawsuit are part of the broader context of shareholder activism, it underscores the defensive posture some companies adopt against climate resolutions. This legal challenge reflects the increasing stakes of shareholder advocacy, where resolutions can impact brand reputation and operational flexibility. Follow This continues to navigate these legal and financial landscapes to advance its mission of aligning oil company emissions with global climate targets.

The ExxonMobil Lawsuit and ESG Backlash

In 2024, the landscape of shareholder activism faced significant legal and institutional challenges, exemplified by the lawsuit filed by ExxonMobil against Follow This and the asset manager Arjuna Capital. This legal action represented a pivotal moment in the broader debate over Environmental, Social, and Governance (ESG) criteria and the scope of shareholder rights in the energy sector. The lawsuit targeted the mechanisms through which Follow This, a Dutch non-profit organization operational since 2015, engages investors to submit climate-related resolutions at annual general meetings. By challenging the legitimacy of these shareholder proposals, ExxonMobil sought to curb what it viewed as the overreach of activist groups in corporate governance structures.

The legal confrontation was not isolated but part of a wider backlash against ESG-focused advocacy. Prominent institutional investors, including the California Public Employees' Retirement System (CalPERS) and Norges Bank, found themselves at the center of this controversy. These entities, traditionally seen as allies in the push for climate alignment with the Paris Agreement targets, faced pressure and scrutiny regarding their voting patterns and the influence of groups like Follow This. The backlash highlighted a growing tension between traditional financial metrics and the emerging imperative for climate policy alignment within major oil and gas companies.

The resolution of this legal dispute occurred in June 2024, when the court dismissed the lawsuit. This dismissal was a significant victory for Follow This and Arjuna Capital, reinforcing the legal standing of shareholder resolutions as a tool for climate advocacy. The court's decision underscored the validity of the process through which Follow This calls on companies to align their climate policies with international agreements. For an organization dedicated to engaging investors to drive climate action, this legal affirmation provided crucial momentum. It validated the strategy of leveraging shareholder meetings to hold major energy corporations accountable for their climate commitments, ensuring that the voices of climate-conscious investors remain a potent force in corporate decision-making.

Strategic Shifts and Recent Developments

Follow This has encountered significant operational headwinds in recent years, leading to strategic adjustments in its advocacy model. In 2025, the organization initiated a temporary pause in its core shareholder resolution campaign. This strategic retreat was not a cessation of activity but a tactical response to a confluence of legal complexities and shifting political landscapes that have complicated the mechanism of investor activism in the energy sector.

The decision to pause was driven by a noticeable decline in investor support for climate-related resolutions. As oil and gas companies have increasingly codified their own net-zero pathways, the novelty and urgency of external shareholder proposals have diminished. Investors, often prioritizing short-term financial returns or aligning with management’s stated transition plans, have shown reluctance to back resolutions that might be perceived as managerial overreach or financial burdens. This lack of backing has made the traditional resolution submission model less effective, prompting Follow This to reassess its engagement strategies to maintain relevance and impact.

Despite the pause in the broader campaign, Follow This has continued to demonstrate its influence through targeted advocacy efforts. The organization’s ability to rally significant portions of shareholder bases remains a key metric of its effectiveness. For instance, in previous engagements, Follow This successfully secured the support of 24% of BP shareholders for specific climate-related resolutions. This level of backing is substantial in the context of annual general meetings, where a quarter of the voting power can exert considerable pressure on boardrooms and executive committees. Such outcomes highlight that while broad consensus may be elusive, fragmented but determined investor blocs can still drive accountability.

The 2025 pause also reflects broader challenges facing shareholder advocacy groups. Legal hurdles, including evolving corporate governance laws and the increasing use of anti-takeover provisions by energy giants, have raised the cost and complexity of mounting successful campaigns. Political challenges, such as the varying regulatory environments across different jurisdictions where these companies operate, further complicate the coordination of global shareholder pressure. Follow This, as a Dutch non-profit, must navigate these international discrepancies while maintaining a cohesive message aligned with the Paris Agreement targets.

In the interim, the organization has likely shifted focus toward direct dialogue with investors and companies, leveraging the data and insights gained from previous campaigns. By engaging directly with institutional investors, Follow This aims to build longer-term relationships that transcend the annual cycle of general meetings. This approach seeks to embed climate considerations into the core investment thesis of major funds, rather than treating them as discrete, vote-by-vote battles. The strategic shift underscores the evolving nature of climate advocacy in the energy sector, where persistence and adaptability are as critical as the initial proposal itself.

Organizational Structure and Funding

Follow This operates as a registered non-profit organization headquartered in the Netherlands. The entity is structured to facilitate shareholder advocacy, engaging investors to submit climate-related resolutions at the annual general meetings of major oil and gas companies. The organization’s operational base in the Netherlands provides a strategic position within the European financial landscape, allowing it to target both domestic and international energy corporations. The group is led by Mark van Baal, who serves as the operator and primary figurehead for the organization’s advocacy efforts. The entity has maintained an operational status since its commissioning in 2015, establishing itself as a specialized actor in the intersection of energy infrastructure and corporate governance.

A significant milestone in the organization’s structural development was the acquisition of ANBI status in 2021. ANBI, or "Algemeen Nut Beziene Instelling," is a specific legal designation in the Netherlands for institutions of general benefit. This status grants Follow This certain tax advantages, including the exemption from corporate income tax and the ability to offer tax deductions to donors. The attainment of ANBI status in 2021 reflects the organization’s maturation and its alignment with broader societal goals, specifically the alignment of corporate climate policies with the targets of the Paris Agreement. This legal framework supports the non-profit’s ability to operate efficiently and attract funding from both individual and institutional donors who benefit from the fiscal incentives associated with the ANBI designation.

Membership and Funding Sources

The organization’s financial sustainability is supported by a diverse mix of funding sources, primarily consisting of philanthropic contributions and donations. As a shareholder advocacy group, Follow This relies on the financial backing of investors and philanthropists who share its mission to influence the energy sector. The membership base includes individual investors and institutional stakeholders who engage with the organization to exert pressure on oil and gas companies. These members submit resolutions that call for companies to align their climate policies with the Paris Agreement targets. The funding model allows Follow This to maintain its operational independence while leveraging the collective influence of its membership base. The organization’s mixed funding approach ensures that it can continue its advocacy work without being overly dependent on a single source of revenue. The philanthropic contributions and donations received by Follow This are utilized to support the research, analysis, and submission of shareholder resolutions at the annual general meetings of energy companies. This financial structure enables the organization to maintain its focus on climate-related shareholder advocacy and its goal of influencing the energy infrastructure sector.

Why it matters

Follow This represents a structural shift in how climate accountability is enforced within the global energy sector, moving beyond public protest to the formal mechanisms of corporate governance. As a Dutch non-profit and shareholder advocacy group, the organization leverages the legal rights of investors to influence the strategic direction of major oil and gas companies. By engaging investors to submit climate-related shareholder resolutions at annual general meetings, Follow This translates broad environmental goals into binding corporate votes, effectively inserting climate science into the boardroom. This approach is significant because it targets the decision-makers directly, forcing energy firms to align their operational policies with the targets of the Paris Agreement. The organization’s model demonstrates how financial stakeholders can act as a lever for climate action, creating a precedent for shareholder democracy where environmental performance is scrutinized alongside financial returns.

Precedents for Shareholder Democracy

The work of Follow This highlights the growing power of shareholder resolutions as a tool for climate activism. By focusing on the annual general meetings of oil and gas companies, the group ensures that climate policy is not merely a public relations exercise but a formal agenda item requiring executive attention. This method establishes a framework where investors, regardless of their primary financial motives, can collectively push for alignment with international climate targets. The organization’s operational status since its inception allows it to build long-term relationships with investors, fostering a culture of accountability within the energy infrastructure sector. This model of engagement offers a replicable strategy for other regions, showing how non-profit entities can bridge the gap between scientific urgency and corporate inertia through established legal channels.

Challenges in the US ESG Landscape

While Follow This operates within the European context, its methods illuminate the broader challenges faced by Environmental, Social, and Governance (ESG) initiatives, particularly in the United States. The push for shareholders to enforce climate alignment often encounters resistance from traditional energy investors who prioritize short-term returns or view climate targets as regulatory burdens. The organization’s focus on aligning company policies with the Paris Agreement underscores the tension between global climate goals and localized corporate strategies. In markets where ESG criteria are increasingly politicized, the ability of a non-profit like Follow This to mobilize investor support is critical. It demonstrates that effective climate activism requires not just public pressure but the strategic deployment of financial leverage to ensure that energy companies are held accountable for their contribution to global warming.

See also