FOR IMMEDIATE RELEASE
13% vote signals growing investor concern over how one of the world’s largest electricity consumers manages energy price risk and its renewable energy strategy
Boston, MA, July 30 2026. 13% of Linde plc (“Linde”) shareholders voted Tuesday in favor of a NorthStar Asset Management proposal requesting that the company disclose whether and how it could adopt a policy to guide its future procurement of renewable electricity. The vote, representing roughly $25.2 billion in share value and cast against board recommendation, marks a turning point: how one of the world’s largest corporate electricity consumers secures its power is a material financial risk, not a peripheral ESG concern.
Electricity is central to Linde’s business, accounting for roughly 30% of operating costs, yet while the company reports that 50% of its power is low-carbon, analysis shows only about 18% comes from renewables it actively procures, with the rest reflecting the makeup of local grids.
The vote followed a wave of investor support. Storebrand, AP2, and Ethos pre-declared that they would vote in favor, joining Lannebo and Ircantec. At the meeting, 18 institutional investors and their advisors representing US$1.56 trillion in assets read a joint statement urging Linde to strengthen its approach to renewable energy procurement.
“When 13% of shareholders vote against the board on this resolution, investors are saying they cannot properly evaluate this company’s risk without knowing how it plans to secure the power its business runs on.”
— Madison Krieger, Activism and Impact Research Analyst, NorthStar Asset Management
The stakes extend well beyond disclosure. Electricity prices remain structurally higher across Europe following the war in Ukraine, and the 2026 disruption to the Strait of Hormuz nearly doubled European gas benchmarks. BASF, the world’s largest chemical maker, absorbed $2.9 billion in additional energy costs in a single year, forcing permanent plant closures and thousands of job cuts. Linde operates in the same markets, competing for long-term renewable supply against hyperscalers such as Amazon, Meta, Google, and Microsoft, which together locked in roughly half of all corporate clean-energy contracts in 2025. We believe, a clear procurement strategy is how a company this exposed manages that risk.
The company has maintained that their current renewable energy policies and frameworks are publicly disclosed and substantially meet what the proposal requests. However, NorthStar points to industry peers that distinguish actively procured renewables in their reporting, set dedicated renewable electricity targets, and sign power purchase agreements to lock in long-term supply.
Incoming standards under the EU’s Corporate Sustainability Reporting Directive and the GHG Protocol will require companies to show they have actively procured renewable power rather than claiming credit for cleaner grids. Linde is not being asked to build something new. It is being asked to explain the strategy behind a cost that drives nearly a third of its operating expenses.
The proposal was supported by the responsible investment organization ShareAction and by research from Actions Speak Louder. NorthStar will continue to engage Linde and its investors on renewable energy procurement. The 13% vote suggests the market is starting to agree.
About NorthStar Asset Management
NorthStar Asset Management, Inc. is a wealth management firm based in Boston with a focus on socially responsible investing. Founded in 1990, NorthStar uses shareholder activism to drive corporate accountability while managing portfolios for individuals, families, and institutions. The firm is a certified B Corporation, employee owned, and UN PRI Signatory.
Advisory services offered through NorthStar Asset Management, Inc., a registered investment adviser. Registration does not imply any level of skill or training. All investing involves risk, including the possible loss of principal. This material is for informational purposes only and does not constitute personalized investment advice or a recommendation or solicitation of any particular security, strategy, or investment product. Forecasts, opinions, and estimates reflect NorthStar’s judgment as of the date of this release and are subject to change without notice. Third-party statistics are believed to be reliable but have not been independently verified.
NorthStar Asset Management, its employees, and/or client accounts own securities of the company that is subject to the shareholder proposal discussed in this press release. Such ownership may create actual or perceived conflicts of interest. NorthStar believes that continued ownership of the issuer’s securities enables it to engage constructively with management and exercise shareholder rights. Any decision regarding engagement with, support for, co-filing of, or voting on any shareholder proposal is made in accordance with NorthStar’s fiduciary obligations and applicable proxy voting policies designed to mitigate material conflicts of interest, with the overall objective of acting in the best interest of clients.
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