CA100+ investors refrain from voting against board directors even when polluting companies refuse to act. Read more at straitstimes.com.
LONDON - Members of the largest investor coalition focused on convincing the corporate world to act on climate change rarely flex their muscles to pressure the worst polluters, an analysis of shareholder voting records and interviews with members show.
Shareholder votes in favour of re-electing directors at 15 companies out of about 40 that CA100+ deems climate laggards, because they have not set 2050 net-zero targets, comprised on average more than 95 per cent of the shareholder votes cast this year, in line with 2022 and 2021 levels, the data shows.
“In phase two the overarching goal is to go from words to action,” Mr Francois Humbert, chair of CA100+‘s Steering Committee and engagement manager at Generali Investments, told Reuters. Mr Eli Kasargod-Staub, co-founder of shareholder advocacy group MajorityAction, said CA100+ investors were abdicating their responsibility to hold directors accountable, given they have now been engaging with companies for five years.Flagging climate laggards
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