The Climate Action 100+ initiative flags shareholder proposals and other votes for investors to take into consideration during proxy season. Six out of 14 flagged shareholder proposals received majority votes at some of the world’s largest GHG emitters during the 2021 proxy season, demonstrating the value of this tool for Climate Action 100+ signatories.
While Climate Action 100+ does not take a formal position on shareholder voting, it recognises that shareholder proposals and other votes are a powerful signal and a useful engagement tool. To ensure that signatories have an opportunity to properly consider resolutions that are aligned with the goals of the initiative, Climate Action 100+ may flag on this page, as well as in other communications, shareholder or management proposed votes at Climate Action 100+ focus companies in accordance with the initiative’s vote flagging process.
Climate Action 100+ does not require that investors support specific shareholder resolutions or other votes. Investor signatories vote for shareholder proposals in their individual capacity and not on behalf of the initiative.
THE FOLLOWING SHAREHOLDER PROPOSALS HAVE BEEN FLAGGED AS OF 26 May, 2022:
|Focus company||AGM date||Flagged shareholder proposal||Filed by||Result|
|Berkshire Hathaway||30 May||TCFD Reporting||Filed by Brunel Pension Partnership Limited represented by EOS at Federated Hermes, Caisse de Dépôt et Placement du Québec, California Public Employees’ Retirement System, and State of New Jersey Common Pension Fund. See supporting exempt solicitation here.||26.6% FOR|
|Boeing Co.||29 April||Report on Alignment with Climate Action 100+ Benchmark Net Zero Indicator||Filed by As You Sow. Supporting exempt solicitation here.||91.4% FOR|
|Caterpillar Inc.||8 June||Report on GHG Emissions Targets||Filed by As You Sow, Shareholder Association for Research & Education (SHARE), and Canada Post Corporation Pension Plan.||96.0% FOR|
|Chevron Corp.||25 May||Adopt GHG Reduction Targets||Filed by Follow This. See supporting exempt solicitation here.||32.6% FOR|
|25 May||Report on Methane Measurement||Filed by Mercy Investment Services, Inc.||98.0% FOR|
|25 May||Report on Climate Change Financial Risks||Filed by As You Sow. See supporting exempt solicitation here and Carbon Tracker assessment here.||38.7% FOR|
|ExxonMobil||25 May||Adopt GHG Reduction Targets||Filed by Follow This. See supporting exempt solicitation here.||27.1% FOR|
|25 May||Report on Climate Change Financial Risks||Filed by Christian Brothers Investment Services. See supporting exempt solicitation here and Carbon Tracker assessment here.||51.0% FOR|
|Imperial Oil||3 May||Align Capital Expenditure with the IEA Net Zero Scenario||Filed by Bâtirente with the support of Æquo Engagement Services, Inc. See supporting memo here.||1.5% FOR(6.5% of independent votes)|
|Phillips 66||11 May||Adopt GHG Reduction Targets||Filed by Follow This. See supporting exempt solicitation here.||36.2% FOR|
|Valero Energy Corp.||24 May||Adopt GHG Reduction Targets||Filed by Mercy Investment Services, Inc. See supporting memo here.||47.1% FOR|
THE FOLLOWING OTHER VOTES* HAVE BEEN FLAGGED AS OF 26 May, 2022:
|Focus company||AGM date||Filing signatory pre-declaration||Flagged vote(s)||Result(s)|
|Berkshire Hathaway||30 May||California Public Employees’ Retirement System to WITHHOLD vote from two members of the Audit Committee. See investor statement here and supporting exempt solicitation here.||Election of Susan Decker||13.3% AGAINST|
|Election of Meryl Witmer||3.3% AGAINST|
|Chevron Corp.||25 May||California Public Employees’ Retirement System to vote AGAINST four members of the Public Policy & Sustainability Committee for failing to adequately respond to the Climate Action 100+ engagement initiative. See investor statement here.||Election of Alice Gast||2.2% AGAINST|
|Election of Enrique Hernandez Jr.||7.5% AGAINST|
|Election of John Huntsman||2.7% AGAINST|
|Election of D. James Umpleby III||2.3% AGAINST|
|CRH plc||28 April||Sarasin & Partners to vote AGAINST three management proposals. Supporting information here.||1. Review of Company’s affairs and consideration of Financial Statements and Reports of Directors and Auditors for the year ended 31 December 2021||2.3% AGAINST|
|6e. Re-election of Directors: S Kelly||2.3% AGAINST|
|8. Continuation of Deloitte Ireland LLP as Auditors||2.1% AGAINST|
|ConocoPhillips||10 May||EOS at Federated Hermes to vote AGAINST Chair of the Public Policy and Sustainability Committee at ConocoPhillips. See exempt solicitation here.||1B election of Jody Freeman, chair of the Public Policy and Sustainability Committee.||4.4% AGAINST|
|Engie SA||21 April||MN to vote AGAINST two management proposals on accountancy grounds. Supporting information here.||1. Approval of transactions and annual financial statements for fiscal year 2021||Less than 1% AGAINST|
|2. Approval of the consolidated financial statements for fiscal year 2021||Less than 1% AGAINST|
|Equinor ASA||11 May||Sarasin & Partners to vote AGAINST three management proposals. Supporting information here.||10. The general meeting endorses the company’s energy transition plan||2.5% AGAINST (18.8% of independent votes)|
|6. The annual accounts and the annual report for 2021 for Equinor ASA and the Equinor group are approved and 4th Q dividend||Less than 1% AGAINST (1.5% of independent votes)|
|22. Remuneration to the auditor for 2021 of NOK 55,981,079 for Equinor ASA is approved.||Less than 1% AGAINST|
|Glencore PLC||28 April||LGPS Central to vote AGAINST a management proposal. Supporting information here.||13. To approve the Company’s 2021 Climate Progress Report||23.7% AGAINST|
|Holcim Ltd.||4 May||Ethos Foundation to vote AGAINST management proposals. Supporting information here.||Advisory vote on Holcim’s Climate Report Proposal of the Board of Directors:||4.7% AGAINST|
|Acceptance of Holcim’s Climate Report in an advisory vote.||5.4% ABSTAIN|
|l’Air Liquide S.A.||4 May||Trusteam Finance to vote AGAINST on the auditor. Supporting information here.||Renewal of the term of office as a Principal Statutory Auditor of PricewaterhouseCoopers Audit||4.1% AGAINST|
|NextEra Energy, Inc||19 May||Sarasin & Partners to vote AGAINST the Lead Director and the Board Chair. See investor statement here.||Item 1a – Sherry Barrat (Lead Director)||12.7% AGAINST|
|Item 1i – James Robo (Chair)||8.4% AGAINST|
|The Southern Company||25 May||The Office of the Illinois State Treasurer to vote AGAINST the Board Chair of Southern Company. See investor statement here.||Thomas A. Fanning||6.7% AGAINST|
|TotalEnergies SE||25 May||MN Services to vote AGAINST the climate transition progress report and AGAINST the executive remuneration over 2021 of the combined Chair and CEO. Supporting information here.||12. Remuneration of Chair/CEO||18.7% AGAINST|
|16. Transition Plan Progress Report||11.1% AGAINST|
|Volkswagen AG||12 May||Church of England Pensions Board to vote AGAINST two management proposals on the grounds of a lack of governance oversight on net zero aligned lobbying disclosure. Supporting information here.||3. Resolution on the formal approval for fiscal year 2021 of the actions of the members of the board of management who held office in fiscal year 2021.||Less than 1% AGAINST (5.0% of ‘free float’ independent votes)|
|4. Resolution on the formal approval for fiscal year 2021 of the actions of the members of the supervisory board who held office in fiscal year 2021.||Less than 1% AGAINST (5.2% of ‘free float’ independent votes)|
The list of flagged proposals and votes will be updated on a weekly basis throughout the 2022 Proxy Season. Our latest proxy season news is available here.
Flagged proposals represent only a subset of climate-related shareholder proposals filed this year. Climate Action 100+ is tracking 39 proposals for the 2022 proxy season at North American Climate Action 100+ focus companies alone. As of 13 May 22 of those have already been withdrawn after investors reached agreements with companies ahead of a vote, demonstrating how seriously companies are taking such shareholder proposals. To learn more about resolutions at Climate Action 100+ North America focus companies, please watch the 04 April webinar recording here.
Investors have also submitted four resolutions at European focus companies for review and adoption. Companies have the choice of agreeing to resolution requests, resulting in a withdrawal, or adding the resolution to their AGM agenda for further discussion. As of 13 May, one company has negotiated a resolution withdrawal, with one more pending. 16 resolutions relating to net zero transition plans (nine) or transition progress reports (seven) have been filed at Climate Action 100+ focus companies, also known as ‘Say on Climate’ resolutions.
The coordinating investor networks of Climate Action 100+ (AIGCC, Ceres, IGCC, IIGCC and PRI) track relevant climate-related votes by region. The following tools are managed by the investor networks and can be used for a variety of purposes during proxy season but are separate and distinct from Climate Action 100+.
- PRI Collaboration Platform (Global)
- Ceres’ Climate and Sustainability Shareholder Resolutions Database (North America)
- IIGCC’s member-only alerts system (Europe). Climate Action 100+ signatories, please contact an IIGCC representative for details.
- IGCC member-only alerts system (Australia). Climate Action 100+ signatories, please contact an IGCC representative for details.