Net Zero Company Benchmark Update

Assessments for 14 Australian focus companies have been released early ahead of AGMs —click here for more information.

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Climate Action 100+ 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 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. 

Read our FAQs for more information.

THE FOLLOWING SHAREHOLDER PROPOSALS HAVE BEEN FLAGGED AS OF 26 May, 2022:

 

Focus companyAGM dateFlagged shareholder proposalFiled byResult
Berkshire Hathaway30 MayTCFD ReportingFiled 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 AprilReport on Alignment with Climate Action 100+ Benchmark Net Zero IndicatorFiled by As You Sow. Supporting exempt solicitation here.91.4% FOR
Caterpillar Inc.8 JuneReport on GHG Emissions TargetsFiled by As You Sow, Shareholder Association for Research & Education (SHARE), and Canada Post Corporation Pension Plan.96.0% FOR
Chevron Corp.25 MayAdopt GHG Reduction TargetsFiled by Follow This. See supporting exempt solicitation here.32.6% FOR
25 MayReport on Methane MeasurementFiled by Mercy Investment Services, Inc.98.0% FOR
25 MayReport on Climate Change Financial RisksFiled by As You Sow. See supporting exempt solicitation here and Carbon Tracker assessment here.38.7% FOR
ExxonMobil25 MayAdopt GHG Reduction TargetsFiled by Follow This. See supporting exempt solicitation here.27.1% FOR
25 MayReport on Climate Change Financial RisksFiled by Christian Brothers Investment Services. See supporting exempt solicitation here and Carbon Tracker assessment here.51.0% FOR
Imperial Oil3 MayAlign Capital Expenditure with the IEA Net Zero ScenarioFiled by Bâtirente with the support of Æquo Engagement Services, Inc. See supporting memo here.1.5% FOR(6.5% of independent votes)
Phillips 6611 MayAdopt GHG Reduction TargetsFiled by Follow This. See supporting exempt solicitation here.36.2% FOR
Valero Energy Corp.24 MayAdopt GHG Reduction TargetsFiled 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 dateFiling signatory pre-declarationFlagged vote(s)Result(s)
Berkshire Hathaway30 MayCalifornia 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 Decker13.3% AGAINST
Election of Meryl Witmer3.3% AGAINST
Chevron Corp.25 MayCalifornia 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 Gast2.2% AGAINST
Election of Enrique Hernandez Jr.7.5% AGAINST
Election of John Huntsman2.7% AGAINST
Election of D. James Umpleby III2.3% AGAINST
CRH plc28 AprilSarasin & 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 20212.3% AGAINST
6e. Re-election of Directors: S Kelly2.3% AGAINST
8. Continuation of Deloitte Ireland LLP as Auditors2.1% AGAINST
ConocoPhillips 10 MayEOS 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 AprilMN to vote AGAINST two management proposals on accountancy grounds. Supporting information here.1. Approval of transactions and annual financial statements for fiscal year 2021Less than 1% AGAINST
2. Approval of the consolidated financial statements for fiscal year 2021Less than 1% AGAINST
Equinor ASA 11 MaySarasin & Partners to vote AGAINST three management proposals. Supporting information here.10. The general meeting endorses the company’s energy transition plan2.5% 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 dividendLess 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 PLC28 AprilLGPS Central to vote AGAINST a management proposal. Supporting information here.13. To approve the Company’s 2021 Climate Progress Report23.7% AGAINST
Holcim Ltd.4 MayEthos 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 MayTrusteam Finance to vote AGAINST on the auditor. Supporting information here.Renewal of the term of office as a Principal Statutory Auditor of PricewaterhouseCoopers Audit4.1% AGAINST
NextEra Energy, Inc19 MaySarasin & 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 MayThe Office of the Illinois State Treasurer to vote AGAINST the Board Chair of Southern Company. See investor statement here.Thomas A. Fanning6.7% AGAINST
TotalEnergies SE 25 MayMN 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/CEO18.7% AGAINST
16. Transition Plan Progress Report11.1% AGAINST
Volkswagen AG12 MayChurch 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+. 

PROXY SEASON ARCHIVE

Explore key shareholder proposals and votes from past proxy seasons.

The following proposals were flagged as of 5 May, 2021:

 

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.

 

The following other votes were 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.

 

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. 


 

*In addition to shareholder resolutions, Climate Action 100+ will continue to pilot the flagging of management proposals and other votes. This may include votes on board directors, auditors, an/or climate transition plans, among others. The process is still under development and is liable to change, however Climate Action 100+ may trial flagging a small number of votes (on a case-by-case) basis in the interest of more formally establishing the mechanism in future. 

**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.