In this report, we discuss how shareholders could engage constructively with oilcompanies on climate and energy transition issues, focusing on European oil majors.Although their climate ambitions have dramatically leapt forward in the last 18 months,the goalposts in terms of investor expectations are continuing to shift – as evidenced byrising shareholder support for resolutions filed by activist groups in this year’s AGMseason. At BP and Shell’s AGMs, the Follow This resolutions to set tougher climatetargets were supported by 21% and >30% of shareholders, respectively.We have identified eight areas regarding targets and disclosure where we believeinvestors could reasonably ask European oil companies to improve over time. In a fewcases, these points consist of asking companies to align themselves with best-in-classpractices already used by one of their peers, such as: