PROXY SEASON & FLAGGED SHAREHOLDER VOTES

Climate Action 100+ flags key shareholder proposals and other votes for investors to take into consideration during proxy season

The Climate Action 100+ initiative flags shareholder proposals and other votes aligned with the goals of the initiative for investors to take into consideration during proxy season. 

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 list of flagged proposals and votes will be updated on a weekly basis throughout the 2023 Proxy Season.

2023 FLAGGED VOTES 

 

Focus companyAGM dateFlagged shareholder proposalFiled byResult
This table will be updated on a regular basis. Please check back.

Flagged proposals represent only a subset of climate-related shareholder proposalsaligned with the goals of the initiativefiled this year. Certain resolutions have been withdrawn for agreement following negotiation with the company.

 

2023 Withdrawals for Agreement  
This table will be updated on a regular basis. Please check back.  

Signatory investors may choose to make a statement at a company’s Annual General Meeting (AGM) to highlight the company’s progress with respect to the Climate Action 100+ agenda. Relevant AGM statements for the 2023 proxy season will be updated on a regular basis. Please check back. 

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+.  

PROXY SEASON ARCHIVE

Explore key shareholder proposals and votes from past proxy seasons.

Berkshire Hathaway, 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. RESULT: 26.6% FOR


Boeing Co., Report on Alignment with Climate Action 100+ Benchmark Net Zero Indicator. Filed by As You Sow. Supporting exempt solicitation here. RESULT: 91.4% FOR


Caterpillar Inc., Report on GHG Emissions Targets. Filed by As You Sow, Shareholder Association for Research & Education (SHARE), and Canada Post Corporation Pension Plan. RESULT: 96.0% FOR


Chevron Corp. Adopt GHG Reduction Targets. Filed by Follow This. See supporting exempt solicitation here. RESULT: 32.6% FOR | Report on Methane Measurement. Filed by Mercy Investment Services, Inc. RESULT: 98.0% FOR | Report on Climate Change Financial Risks. Filed by As You Sow. See supporting exempt solicitation here and Carbon Tracker assessment here. RESULT: 38.7% FOR | Adopt GHG Reduction Targets. Filed by Follow This. See supporting exempt solicitation here. RESULT: 27.1% FOR


ExxonMobil, Report on Climate Change Financial Risks. Filed by Christian Brothers Investment Services. See supporting exempt solicitation here and Carbon Tracker assessment here. RESULT: 51.0% FOR


Imperial Oil, Align Capital Expenditure with the IEA Net Zero Scenario. Filed by Bâtirente with the support of Æquo Engagement Services, Inc. See supporting memo here. RESULT: 1.5% FOR(6.5% of independent votes)


Phillips 66, Adopt GHG Reduction Targets. Filed by Follow This. See supporting exempt solicitation here. RESULT: 36.2% FOR


Valero Energy Corp., Adopt GHG Reduction Targets. Filed by Mercy Investment Services, Inc. See supporting memo here. RESULT: 47.1% FOR


Berkshire Hathaway, California Public Employees’ Retirement System to WITHHOLD vote from two members of the Audit Committee. See investor statement here and supporting exempt solicitation here. RESULTS: Election of Susan Decker, 13.3% AGAINST | Election of Meryl Witmer, 3.3% AGAINST


Chevron Corp., 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. RESULTS: 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, Sarasin & Partners to vote AGAINST three management proposals. Supporting information here. RESULTS: 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 | Re-election of Directors: S Kelly, 2.3% AGAINST | Continuation of Deloitte Ireland LLP as Auditors, 2.1% AGAINST


ConocoPhillips, EOS at Federated Hermes to vote AGAINST Chair of the Public Policy and Sustainability Committee at ConocoPhillips. See exempt solicitation here. RESULTS: 1B election of Jody Freeman, chair of the Public Policy and Sustainability Committee, 4.4% AGAINST


Engie SA, MN to vote AGAINST two management proposals on accountancy grounds. Supporting information here. RESULTS: Approval of transactions and annual financial statements for fiscal year 2021 Less than 1% AGAINST | Approval of the consolidated financial statements for fiscal year 2021 Less than 1% AGAINST


Equinor ASA Sarasin & Partners to vote AGAINST three management proposals. Supporting information here. RESULTS: 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 LGPS Central to vote AGAINST a management proposal. Supporting information here. RESULTS: 13. To approve the Company’s 2021 Climate Progress Report 23.7% AGAINST


Holcim Ltd. Ethos Foundation to vote AGAINST management proposals. Supporting information here. RESULTS: 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. 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 RESULTS: 4.1% AGAINST


NextEra Energy, Inc Sarasin & Partners to vote AGAINST the Lead Director and the Board Chair. See investor statement here. RESULTS: Item 1a – Sherry Barrat (Lead Director) 12.7% AGAINST | Item 1i – James Robo (Chair) 8.4% AGAINST


The Southern Company , The Office of the Illinois State Treasurer to vote AGAINST the Board Chair of Southern Company. See investor statement here. RESULTS: Thomas A. Fanning 6.7% AGAINST


TotalEnergies SE 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. RESULTS: 12. Remuneration of Chair/CEO 18.7% AGAINST | 16. Transition Plan Progress Report 11.1% AGAINST


Volkswagen AG 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. RESULTS: 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)

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. 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.


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.

Caterpillar Inc., Lobbying Disclosure. Filed by SHARE. RESULT: 33.4% FOR. 


Chevron Corporation, Paris-aligned lobbying. Filed by BNP Paribas Asset Management. RESULT: 53.5% FOR. 


Delta Air Lines Inc., Paris-aligned lobbying. Filed by BNP Paribas Asset Management. RESULT: 45.9% FOR. 


Dominion Energy, Inc., Independent Chair. Filed by New York City Comptroller’s Office. RESULT: 46.6% FOR. 


Duke Energy Corporation, Independent Chair. Filed by New York City Comptroller’s Office. RESULT: 40.1% FOR. 


Duke Energy Corporation, Lobbying Disclosure. Filed by Mercy Investment Services, Inc. RESULT: 42.4% FOR. 


ExxonMobil Corporation, Independent Chair. Filed by Olga Monks Pertzoff Trust 1945. RESULT: 32.7% FOR. 


ExxonMobil Corporation, Lobbying Disclosure. Filed by United Steelworkers of America. RESULT: 37.6% FOR. 


Ford Motor Company, Lobbying Disclosure. Filed by Unitarian Universalist Association. RESULT: 20.2% FOR. 


General Motors, Lobbying Disclosure. Filed by New York City Comptroller’s Office. RESULT: 33.1% FOR. 


Southern Company, Independent Chair. Filed by New York City Comptroller’s Office. RESULT: 22.3% FOR. 


United Airlines Holdings, Paris-aligned lobbying. Filed by BNP Paribas Asset Management. RESULT: 31.5% FOR. 

BP, plc, Transition Planning. Filed by Hermes Investment Management. RESULT: 96.4% FOR 


ExxonMobil Corporation, Independent Chair. Filed by The Kestrel Foundation of Maine. RESULT: 40.7% FOR. 


Ford Motor Company, Lobbying Disclosure. Filed by New York City Office of the Comptroller. RESULT: 16.5% FOR. 


General Motors, Lobbying Disclosure. Filed by New York City Office of the Comptroller. RESULT: 29.5% FOR.