Summary:
- The TotalEnergies SE Board of Directors confirmed Patrick Pouyanné’s continued leadership, proposed renewals for key directorships, and committed to sustainability goals, with a progress report due for shareholder review.
The Board of Directors of TotalEnergies SE convened an ordinary meeting this week, retaining Patrick Pouyanné as Chairman and CEO, amidst prior speculation of his departure from the top leadership of the French oil company.
Among Patrick Pouyanné’s notable projects in Africa are the Tilenga projects in the Albertine region and the East African Crude Oil Pipeline (EACOP) in Uganda and Tanzania. Additionally, projects are underway in Angola, Namibia, Mozambique, and recently in South Africa.
A statement issued on Thursday confirmed the Board of Directors’ meeting on March 13, 2024, chaired by Patrick Pouyanné. It was decided to convene the Ordinary and Extraordinary Shareholders’ Meeting on Friday, May 24, 2024.
Regarding company governance, the directorships of Patrick Pouyanné, Jacques Aschenbroich, Glenn Hubbard, and Anne-Marie Idrac are set to expire at the end of the Annual Shareholders’ Meeting on May 24, 2024. The renewal of Patrick Pouyanné’s mandate was unanimously decided by the Board on September 21, 2023, to be proposed to the Shareholders’ Meeting on May 24, 2024.
The Board also unanimously decided to propose the renewal of Jacques Aschenbroich’s mandate as Lead Independent Director since May 26, 2023.
In a statement, the Board reaffirmed its support for the strategy implemented since 2020 and emphasized the importance of ensuring continuity in the Company’s governance and leadership.
Patrick Pouyanné’s leadership played a crucial role in the resumption of oil and gas activities in Uganda, particularly in the Tilenga projects. His tenure at TotalEnergies for ten years has been marked by exceptional performance in navigating a complex environment, achieving outstanding financial results, and advancing the Company’s engagement in energy transition.
The Board expressed unanimous confidence in Patrick Pouyanné’s continued leadership and strategic vision for TotalEnergies’ transition, emphasizing the importance of stability and value creation, particularly in balancing oil & gas with electricity and renewables.
Furthermore, the Board decided to propose the renewal of Glenn Hubbard’s directorship for a three-year term.
Anne-Marie Idrac’s seniority on the Board will disqualify her as an independent director under the AFEP-MEDEF Code in May 2024, leading to the non-proposal of her mandate renewal. The Board expressed gratitude for her invaluable contributions.
Marie-Ange Debon’s appointment as a director for a three-year term will be proposed to the Shareholders’ Meeting.
In accordance with the resolution passed by shareholders in May 2023 regarding TotalEnergies’ sustainability goals and carbon neutrality, the Board committed to reporting progress on this ambition. The Sustainability & Climate – 2024 Progress Report, detailing the implementation of the strategy and progress made in 2023 towards 2030 objectives, will be presented on March 21, 2024, and submitted for advisory vote at the Shareholders’ Meeting on May 24, 2024. The report highlights achievements in emissions reduction and contributions to a just and equitable energy transition for stakeholders.
With inputs from Agencies
