2021 Proxy Season

Climate Action 100+ flagged shareholder resolutions

The Climate Action 100+ initiative is flagging key shareholder proposals and other votes for investors to take into consideration in the 2021 Proxy Season. While Climate Action 100+ does not take a formal position on shareholder voting, it may flag relevant shareholder votes related to the initiative’s goals, and circulate information from lead investors and/or investor signatories filing or co-filing resolutions at Climate Action 100+ focus companies. Investors vote for shareholder proposals in their individual capacity and not on behalf of the initiative.

The following proposals have been flagged as of 5 May, 2021 – see vote results below:

 

Berkshire Hathaway, TCFD Reporting. Filed by Hermes Investment Management, Caisse de depot et placement du Quebec, and California Public Employees’ Retirement System. RESULT: 28.3% FOR, 60% of non-insider shareholders voted FOR.
Bunge, Report on eliminating deforestation in soy supply chain. Filed by Green Century Capital Management. RESULT: 98.99% FOR (highest-ever recorded vote for a deforestation-related shareholder proposal).
Caterpillar, Report on alignment with Climate Action 100+ Net Zero Company Benchmark indicators. Filed by As You Sow. RESULT: 48% FOR.
Chevron, Report on Climate Change Financial Risks. Filed by As You Sow. RESULT: 47.8% FOR.
Delta Air Lines, Paris-aligned lobbying. Filed by BNP Paribas Asset Management. Filed by BNP Paribas Asset Management. RESULT: 62.9% FOR. Press release.
Dominion, Independent Chair. Filed by New York City Comptroller’s Office. RESULT: 42.2% FOR.
Duke, Independent Chair. Filed by New York City Comptroller’s Office. RESULT: 35.1% FOR.
ExxonMobil, Paris-aligned lobbying. Filed by BNP Paribas Asset Management. RESULT: 63.8% FOR.
ExxonMobil, Report on Climate Change Financial Risks. Filed by CBIS. RESULT: 48.9% FOR.
General Electric, Climate Action 100+ Net Zero Commitment. Filed by As You Sow. RESULT: 98% FOR. Press release.
General Motors, Climate Action 100+ Executive Remuneration. Filed by As You Sow. RESULT 16.3% FOR.
Imperial Oil, Adopt Net-zero GHG Reduction Targets. Filed by Aequo on behalf of Bâtirente. RESULT: 14% FOR, 59% of independent shareholders voted FOR. Press release.
Phillips66, Paris-aligned lobbying. Filed by California State Teachers’ Retirement System. RESULT: 62.49% FOR. Press release.
United Airlines, Paris-aligned lobbying. Filed by Presbyterian Church (USA). RESULT: 65.4% FOR.

The list of flagged proposals will continue to be updated throughout the 2021 Proxy Season.

The following other votes have been flagged by a lead investor as of 5 May, 2021:

 

ExxonMobil: The board refreshment at Exxon, proposed by Engine No.1, was supported by CalPERS and CalSTRS, which both filed letters with the SEC to allow them to share views with other shareholders, as well as leading investors EOS at Federated Hermes, New York City Comptroller’s Office, New York State Common Retirement Fund, LGIM and Aviva Investors. RESULT: Three of Engine No.1’s nominees to the board were elected at its AGM on 26 May – see here for Climate Action 100+ press statement.

*Climate Action 100+ may share public information to promote free discussion, debate and learning among investors on climate and sustainability issues. Climate Action 100+ does not seek directly or indirectly the power to act as proxy for a security holder and does not furnish or otherwise request, or act on behalf of a person who furnishes or requests, a form of revocation, abstention, consent or authorization. Climate Action 100+ does not necessarily endorse or validate the information above and shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any information contained herein, including, but not limited to, lost profits or punitive or consequential damages. Climate Action 100+ does not provide investment, financial planning, legal, or tax advice. We are neither licensed nor qualified to provide any such advice. The content of our programming, publications and presentations is provided for informational and educational purposes only, and is neither appropriate nor intended to be used for the purposes of making any decisions on investing, purchases, sales, trades, or any other investment transactions.