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Climate risks prompt top investment groups to push for action

Top investment groups push for action on climate risks, Ft.com 2 Oct 17  by Ed Crooks in New York and Attracta Mooney in London

BlackRock and others demand disclosure at US energy companies, analysis shows
Large investment groups including BlackRock and Vanguard have stepped up pressure on US energy companies to address the risks associated with climate change, despite the Trump administration’s lack of action to address the threat.

An analysis of shareholder votes at this year’s annual meetings showed investors have taken a more active role in pushing for information on climate risks, often voting for improved disclosure against company board recommendations.  In votes at seven of the largest US energy companies this year, the 30 largest investors switched their votes to support disclosure on climate risk a total of 38 times, having opposed similar resolutions in 2016, according to ShareAction, a campaign group.

The data came from regulatory filings compiled by Proxy Insight, an information service.  The increasingly assertive position taken by large investors had its most significant impacts at ExxonMobil and Occidental Petroleum, two of the largest US oil groups. There was majority support for proposals calling on the companies to publish regular reports on the possible impact on their businesses of policies to address the threat of climate change. In both cases, BlackRock and Vanguard, the world’s two largest fund managers, voted to support the proposals. …….

Edward Kamonjoh, executive director of the 50/50 Climate Project, said he expected investors to seek better explanations from fund managers when they decide not to support climate-related resolutions.  “Large fund managers with poor voting records on climate risk can expect public challenges on the dichotomy between their engagement priorities and voting practices,” he said.https://www.ft.com/content/48ad5476-a6aa-11e7-ab55-27219df83c97

October 2, 2017 - Posted by Christina Macpherson | 2 WORLD, business and costs, climate change