Investors including the Sierra Club Foundation, Trillium and Harrington Investments are targeting the biggest U.S. banks in a bid to reduce financing tied to...
Institutional investors said Tuesday that they’re teaming up to file shareholder resolutions at the largest banks in the U.S. to get the financial companies to reduce financing tied to greenhouse-gas emissions as promised in earlier measures.
The shareholder resolutions at JPMorgan Chase & Co. JPM , Citigroup Inc. C , Bank of America Corp. BAC , Goldman Sachs Group Inc. GS , Wells Fargo & Co. WFC and Morgan Stanley MS call for further steps to be taken to reach emission targets. This year, the proposals seek to clarify that proponents are requesting a policy to reduce financing over time, rather than “abruptly ending” lending relationships to fossil-fuel developers. The move is expected to win more votes from shareholders.
John Harrington, president and CEO of Harrington Investments, is leading the filing at Citigroup for the second year in a row. The $207 billion New York State Common Retirement Fund filed shareholder resolutions at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley and Wells Fargo to call on the banks to ensure that their financing activities will help achieve the International Energy Agency’s net-zero greenhouse-gas emissions goals by 2050.
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