Total Elects Board, Hears Climate Strategy
Total said all resolutions were adopted at its annual general meeting (AGM) on May 24 in Paris, which took place during a full or partial strike blockade of the five oil refineries that it operates across France. But its CEO was focused on a longer-term goal of reducing Total's carbon intensity globally.
Former IEA executive director Maria van der Hoeven and the chairman of French bank BNP-Paribas Jean Lemierre were elected Total board directors.
The AGM also re-elected Gerard Lamarche, managing director of Belgian holding GBL which is run by the Frere and Power Corp of Canada groups, and which owns 1.3% of Total and 2.3% of utility Engie. Renata Perycz too was elected to Total’s board as the employee shareholders representative.
Chairman and CEO Patrick Pouyanne then detailed Total’s ambition over the next 20 years to become “a responsible energy player by providing reliable and affordable energy to the greatest number of people, while aiming to gradually reduce the carbon intensity of its energy mix, notably through growth in gas and renewable energy.”
As decided by Total’s board on March 15, its new ‘Integrating Climate Into our Strategy’ report -- including its response to the IEA’s 2°C scenario -- was published. In it, Pouyanne declares: “The main priority is to reduce the use of coal, which generates more emissions than any other type of energy, and to switch to gas and renewables for power generation; a carbon price of $30-$40 per ton would make this possible.” It includes pledges to improving energy access in Africa and addressing the challenges of urbanisation.
A month ago, Pouyanne announced that Total would re-create a Gas, Renewables and Power segment, and that this would “spearhead Total’s ambitions in the electricity value chain by expanding in gas midstream and downstream, renewable energies and energy efficiency.” Total would also be in the top three in solar power, and expand power trading and storage, he said.
The May 24 AGM also paid special tribute to its CEO for 12 years until 2007, Thierry Desmarest, who stood down as a Total board member after a total of 21 years, including 15 as chairman, acknowledging his “exceptional efforts in raising Total to its position as fourth among international oil and gas companies.” Desmarest returned as chairman to help Pouyanne, when he became CEO after the death at Moscow airport of Christophe de Margerie in October 2014.
Mark Smedley