ShareAction's climate resolution was rejected at the Barclays Annual General Meeting last week, with investors backing the resolution put forward by management.
The group's resolution was ambitious. It would have directed the bank to phase out financing to companies in the energy, electricity and gas sectors that did not meet certain requirements of the Paris Agreement on Climate Change. The bank's management did not support this resolution, instead setting out their own proposal to make the bank Net Zero by 2050 and to report on their strategy annually from 2021.
The lead up to the vote saw ShareAction state that they would be voting for both resolutions, with M&G Investments and EOS also declaring their intention to back the two climate-focused resolutions.
ShareAction's resolution received just under 25% of investors' votes, with 10% abstaining, which is encouraging for their future efforts. The group said they were glad to have achieved a partial victory, although the bank's resolution fell somewhat short of their stated intentions.
ShareAction's resolution received just under 25% of investors' votes, with 10% abstaining, which is encouraging for their future efforts.
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