A group of shareholders filed climate change resolutions with three of Australia's Big Four banks on Thursday, asking them to abide by their self-declared support for net-zero emissions by 2050 and stop financing fossil fuels.
The resolutions, filed by a group of about 100 shareholders, come ahead of the United Nations' COP26 climate talks in Glasgow, set to begin on Oct. 31, and as Australia regulators step up their scrutiny of climate-related risks and disclosures.They are unlikely, however, to be officially tabled for a vote at the banks' annual general meetings in December, partly because of restrictions under Australian corporate law.
Last year, shareholder support for similar resolutions tabled at the annual meetings of ANZ and NAB doubled to 28% and 26% respectively. Earlier this year, a group of investors managing $4.2 trillion, called on some of the world's biggest banks to toughen their climate and biodiversity policies or risk rebellions at their next annual meetings.
Westpac said it only finances emissions-intensive sectors in line with principles aligned with its climate change, adding that the bank would not "establish relationships with new thermal coal mining customers".
Norge Siste Nytt, Norge Overskrifter
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