Bank chairs backtracking on climate commitments could face shareholder revolts
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ShareAction, a responsible investment group, plans to scrutinize 34 major lenders' climate commitments and report findings to pension funds and asset managers. The campaign aims to hold bank chairs accountable for any weakening of environmental policies, particularly in light of increased pressure to finance fossil fuels. ShareAction will urge institutional shareholders to vote against the re-election of chairs overseeing climate backtracking at annual shareholder meetings starting this spring. While unlikely to remove directors, the campaign seeks to send a strong signal that backtracking has consequences and to slow the trend of weakening climate commitments. This initiative comes as banks face renewed pressure following defections from net-zero alliances and a push for increased oil and gas production.
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