U.S. proxy advisory firm Glass Lewis is recommending that Royal Dutch Shell (RDSa.L) shareholders vote in favor of the company’s energy transition plan at its annual general meeting on May 18, a document seen showed by Reuters.

Glass Lewis also recommended voting against a shareholders’ resolution filed by activist group Follow This calling on the Anglo-Dutch energy company to set tougher targets to cut greenhouse gas emissions.

Shell aims to achieve net zero carbon emissions by 2050 by reducing oil production, boosting renewables and low carbon fuels, as well as developing carbon offsets from projects based on the nature or carbon capture. Read more

“We believe the company is presenting a solid plan to achieve its net zero ambition and that its disclosure regarding this plan is understandable and thorough,” Glass Lewis said in a report seen by Reuters.

“We will continue to monitor this rapidly evolving issue and may consider revising our approach on a future proposal if it becomes apparent that the company is not significantly addressing shareholder concerns,” he said.

Shell CFO Jessica Uhl said Thursday the company’s plan was one of the most ambitious for the oil and gas industry.

But some investors think the strategy doesn’t go far enough.

The UK Local Authority Pension Fund Forum (LAPFF) said on Wednesday that Shell’s strategy risked leaving much of its oil and gas reserves stranded, advising investors to vote against the non-bidding resolution. Read more

Asset manager Sarasin & Partners said on Thursday it would also vote against Shell’s transition plan.

“Until their financial statements properly reflect the implications of a net zero trajectory, it is impossible to know whether the transition plan is credible or economically feasible,” Sarasin said in a statement.

The asset manager said he would vote in favor of the Follow This resolution, which Shell’s board of directors urged investors to oppose.

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