As annual shareholder meetings approach, public companies are expected to face a record number of environment- and climate-related shareholder resolutions, but major firms are pushing back against them, Bloomberg reports. Approximately 30% of all votes will likely be related to climate and environmental issues, including those brought by advocacy and institutional shareholders of JPMorgan Chase, Bank of America, and Goldman Sachs.
“An absolute reduction target aligned with a science-based net-zero emissions pathway is critical for [JPMorgan] to achieve its net-zero commitment and more fully address its climate risks,” the New York City Comptroller said. Shareholder resolutions do not necessarily need to win majorities to achieve their desired outcomes; strong showings of support can push a company to voluntarily adopt (some of) the measures called for in a resolution. Regardless of corporate opposition, however, Danielle Fugere, head of As You So, told Bloomberg, “the urgency around climate change is only going to increase, and that means there is going to be more financial pressure on banks, and almost all companies, to address the growing environmental risks.” (Bloomberg $)