TotalEnergies’ Board has reaffirmed its support chief executive Patrick Pouyanné’s strategy to become a major clean energy player.
The company’s board of directors reviewed its strategic outlook during the annual seminar held on 20-21 September.
The board noted the relevance of TotalEnergies’ balanced multi-energy strategy considering the developments in the oil, gas and electricity markets.
Thanks to refocusing the oil and gas portfolio on assets and projects with low breakeven and low greenhouse gas emissions, and to the diversification into electricity, notably renewable, through an integrated strategy from production to customer, the company is in a very favourable position to take advantage of changing energy markets and prices it said.
TotalEnergies is therefore pursuing its ambition to become a major player in the energy transition, committed to carbon neutrality in 2050, together with society it added.
As a result, the lifecycle carbon intensity of energy products sold to its customers has been reduced by 12% in 2022 compared with 2015, with the ambition of reducing it by 25% by 2030, and the company is committed to reducing Scope 1+2 emissions from its oil & gas operations by 40% by 2030 and by 80% for methane.
While reaffirming its support to the quality and the relevance of the strategy, which will be presented to investors on September 27, 2023, the board indicated it was appropriate to ensure the continuity of the company’s governance and leadership.
It also noted it is highly desirable Pouyanné continues to drive this strategy’s deployment at the helm of the company.
On the proposal of the governance and ethics committee, the board unanimously decided the renewal of the mandate of Pouyanné will be proposed to the General Meeting in May 2024.
Lead independent director Jacques Aschenbroich said: “TotalEnergies’ board regularly reviews its long-term succession plans. Since 2014, Patrick has done an extraordinary job leading TotalEnergies in a complex environment, delivering outstanding financial results and engaging the company in the energy transition quicker and stronger than its peers.
“The Board unanimously looks forward to his continued leadership and his strategic vision to continue TotalEnergies’ transition.”