Shell defends itself against call for break-up

Breaking up company, as activist investors want, would not help firm transition, say executives

Oil major Shell says its position as an integrated firm operating both fossil fuel and low-carbon assets is vital in helping it pursue its strategy to transition to net-zero emissions. Shell faced calls from activist investor group Third Point this week to break up the firm into separate companies. This would enable it to cut costs and invest more aggressively in decarbonisation measures. “We have had initial conversations with Third Point through our investors relations team. There is not much more we can say at this moment,” said Chief Financial Officer Jessica Uhl at the start of an analyst call. “Our upstream business is a source of cash for us to finance our energy transition” Uhl