Shell said the divestment was "disappointing." "Shell plans to reduce the Net Carbon Footprint of the energy products we sell in step with society's progress towards meeting the Paris Agreement." "We are very clear that this requires both sustaining investment in our core Upstream businesses as well as growing investment in our customer-facing transition businesses including Integrated Gas, Oil Products and Chemicals," it said. Adam Matthews, director of ethics and engagement at the Church of England Pension Board who co-led negotiations with Shell on the climate resolution, said engagement with Shell was "very much ongoing." "Clearly Shell are an industry leader, but we are keen to see further steps related to alignment of capital expenditure," Matthews said in a statement. Catherine Howarth, CEO of climate activist group ShareAction, welcomed Sarasin's move.