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.
The list of flagged proposals and votes will be updated on a weekly basis throughout the 2023 Proxy Season.
The flagged votes process is designed purely for information-sharing purposes and to highlight upcoming key votes at the initiative’s focus companies. It is at the discretion of each signatory investor to determine how they vote.
Climate Action 100+ does not require or seek collective decision-making or action with respect to acquiring, holding, disposing and/or voting of securities. Signatories are independent fiduciaries responsible for their own investment and voting decisions and must always act completely independently to set their own strategies, policies and practices based on their own best interests. Read our disclaimer.
2023 FLAGGED VOTES
Last Updated 30 June
|COMPANY||FLAGGED VOTE||FLAG TYPE||SUPPORTING MATERIALS||RESULT|
|AGM Date – 25 April|
|PACCAR Inc||Report on lobbying in line with Paris Agreement. Filed by Calvert Research & Management.||Shareholder Proposal||Exempt solicitation, InfluenceMap assessment, and relevant pre-declarations||47.4% FOR|
|AGM Date – 26 April|
|Engie SA||Resolution on modification of the articles of association on the company’s climate strategy. Filed by MN and ERAFP and 14 others.||Shareholder Proposal||Memo and relevant pre-declarations||24% FOR|
|Marathon Petroleum||Report on asset retirement obligations. Filed by New Jersey Division of Investment.||Shareholder Proposal||Memo and relevant pre-declarations||22.8% FOR|
|Report on climate-related just transition plan. Filed by International Brotherhood of Teamsters General Fund||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||16.4% FOR|
|AGM Date – 27 April|
|CRH plc||Sarasin & Partners LLP to vote AGAINST Resolution 1. To review the Company’s affairs and consider the Company’s financial statements and the Reports of the Directors (including the Governance Appendix1) and Auditors for the year ended 31 December 2022.||Management Proposal||Memo and relevant pre-declarations||1.43% AGAINST|
|Sarasin & Partners LLP to vote AGAINST Resolution 6. Ratify Deloitte Ireland LLP as Auditors.||Management Proposal||Memo and relevant pre-declarations||.75% AGAINST|
|Lockheed Martin Corporation||Net Zero Targets & Climate Transition Planning. Filed by As You Sow.||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||35.4% FOR|
|AGM Date – 02 May|
|Imperial Oil||Adopt GHG reduction targets. Filed by Bâtirente and Ferique Fund Management with the support of Æquo.||Shareholder Proposal||Memo and relevant pre-declarations||3.7% FOR (16% of independent votes)|
|Report on impact of energy transition on asset retirement obligations. Filed by British Columbia Investment Management Corporation.||Shareholder Proposal||Relevant pre-declarations||4.4% FOR (18.9% of independent votes)|
|AGM Date – 06 May|
|Berkshire Hathaway ||California Public Employees’ Retirement System to WITHHOLD votes from Audit Committee members Christopher Davis, Susan Decker and Meryl Witmer.||Management Proposal||Exempt solicitation and relevant pre-declarations||Davis: 3.75% AGAINST (Pending: % independent votes); Decker: 13.81% AGAINST (Pending: % independent votes); Witmer: 3.43% AGAINST (Pending: % independent votes)|
|Adopt board oversight of material sustainability issue(s). Filed by Robeco and The Office of the Treasurer for the State of Illinois as Trustee of the Bright Start College Savings Trust.||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||18.0% FOR (Pending: % independent votes)|
|Report on physical and transition risks and opportunities. Filed by California Public Employees’ Retirement System.||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||26.8% FOR (Pending: % independent votes)|
|AGM Date – 09 May|
|Suncor Energy Inc.||Report on capital expenditure alignment with GHG reduction targets. Filed by Investors for Paris Compliance.||Shareholder Proposal||Memo, rebuttal, business case video testimonial, and relevant pre-declarations||17.7% FOR|
|Valero Energy Corp.||Report on GHG targets and transition plan. Filed by Mercy Investment Services, Inc.||Shareholder Proposal||Exempt solicitation, business case video testimonial, and relevant pre-declarations||33.07% FOR|
|Mercy Investment Services urges vote AGAINST the re-election of director nominees Robert A. Profusek, Deborah Majoras, and Rayford Wilkins.||Management Proposal||Exempt solicitation, business case video testimonial, and relevant pre-declarations||Profusek: 8.46% AGAINST; Majoras: 9.5% AGAINST; Wilkins:7.93 AGAINST|
|AGM Date – 10 May|
|Volkswagen AG||Church of England Pensions Board to vote AGAINST actions of the board of management (13 votes, items 3.1 to 3.13 on the ballot).||Management Proposal||Memo and relevant pre-declarations||Less than 1% AGAINST|
|Church of England Pensions Board to vote AGAINST actions of the supervisory board (25 votes, items 4.1 to 4.25 on the ballot).||Management Proposal||Memo and relevant pre-declarations||1.1% (4.1) range of 0.74%- 1.04% (4.2-4.25); Approx. 2.3% of ‘Free float’|
|Church of England Pensions Board to vote AGAINST re-election of members of the supervisory board (3 votes, items 5.1 to 5.3 on the ballot).||Management Proposal||Memo and relevant pre-declarations||1.54% to 1.59% AGAINST; Approx. 3.5% of ‘Free float’|
|Equinor ASA||Sarasin & Partners LLP to vote AGAINST approval of the annual report and accounts for Equinor ASA and the Equinor group for 2022, including the board of directors’ proposal for distribution of fourth quarter 2022 dividend.||Management Proposal||Memo and relevant pre-declarations||0.39% AGAINST (1.39% of independent shareholders)|
|AGM Date – 11 May|
|Martin Marietta Materials, Inc.||Adopt GHG targets and transition plan. Filed by Amundi Asset Management.||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||32.8% FOR|
|AGM Date – 23 May|
|Shell plc||Align its existing 2030 reduction targets covering the greenhouse gas (GHG) emissions of the use of its energy products (Scope 3) with the goal of the Paris Climate Agreement. Filed by Follow This.||Shareholder Proposal||Memo and relevant pre-declarations||20.19% FOR|
|MN to vote AGAINST Resolution 25 –Shell’s Energy Transition Progress Report for the year 2022.||Management Proposal||Relevant pre-declarations||19.99% AGAINST|
|AGM Date – 24 May|
|The Southern Company||Adopt scope 3 GHG targets. Filed by As You Sow.||Shareholder Proposal||Exempt solicitation and relevant pre-declarations||19.8% FOR|
|AGM Date – 26 May|
|Glencore PLC||Shareholder resolution on Projected Thermal Coal Production. (Res. #19). Filed by Australian Centre for Corporate Responsibility (ACCR); ShareAction and a coalition of institutional investors.||Shareholder Proposal||Investor bulletin and relevant pre-declarations||29.2% FOR|
|TotalEnergies SE||Align its existing 2030 reduction targets covering the greenhouse gas (GHG) emissions of the use of its energy products (Scope 3) with the goal of the Paris Climate Agreement. Filed by Follow This, MN, and 16 others.||Shareholder Proposal||Memo and relevant pre-declarations||30% FOR|
|AGM Date – 31 May|
|Chevron Corp.||Wespath Benefits and Investments urges shareholders to vote AGAINST the election of Director Austin and Director Hernandez, Jr.||Management Proposal||Exempt solicitation, InfluenceMap assessment, relevant pre-declarations|
Austin: 5.1% AGAINST
Hernandez Jr: 7.6% AGAINST
|Exxon Mobil Corp.||Report on impact of energy transition on asset retirement obligations. Filed by Christian Brothers Investment Services and Legal & General Investment Management.||Shareholder Proposal||Exempt solicitation, Carbon Tracker assessment and relevant pre-declarations||16.0% FOR|
|Report on methane measurement. Filed by Sisters of St. Francis Dubuque Charitable Trust with the support of Seventh Generation Interfaith Coalition for Responsible Investment.||Shareholder Proposal||Exempt solicitation, business case video testimonial, and relevant pre-declarations||36.4% FOR|
|Report on climate-related just transition plan. Filed by United Steelworkers.||Shareholder Proposal||Exempt solicitation and Relevant pre-declarations||16.6% FOR|
|AGM Date – 14 June|
|Toyota Motor Corp.||Resolution 4: Partial Amendments to the Articles of Incorporation (Annual review and report on impact on TMC caused by climate related lobbying activities and the alignment with the goals of the Paris Agreement. Filed by AkademikerPension, Storebrand Asset Management, and APG Asset Management.||Shareholder Proposal||Investor statement, InfluenceMap assessment, and relevant pre-declarations||15.06% FOR|
|AGM Date – 10 July |
|National Grid||Item 3 – To re-elect Paula Rosput Reynolds as a Director of the Company||Management Proposal||Investor statement, memo, and relevant pre-declarations.||Flag withdrawn following commitment from the company|
|Item 4 – To re-elect John Pettigrew as a Director of the Company||Management Proposal||Investor Statement, memo, and relevant pre-declarations.||Flag withdrawn following commitment from the company|
|Item 18 – To authorise the Company and those companies which are subsidiaries of the Company at any time during the period for which this resolution has effect for the purposes of Part 14 of the Companies Act 2006 (the ‘2006 Act’): (i) to make political donations to political parties, and/or independent election candidates not exceeding £125,000 in aggregate; (ii) to make political donations to political organisations other than political parties, not exceeding £125,000 in aggregate; and (iii) to incur political expenditure, not exceeding £125,000 in aggregate provided that the aggregate amount of any such donations and expenditure shall not exceed £125,000 during the period commencing on the date of passing of this resolution and ending at the earlier of the close of the next annual general meeting or 30 September 2024. Words and expressions defined for the purpose of the 2006 Act shall have the same meaning in this resolution.||Management Proposal||Investor Statement, memo, and relevant pre-declarations.||Flag withdrawn following commitment from the company|
Flagged proposals represent only a subset of climate-related shareholder proposals aligned with the goals of the initiative filed this year. Certain resolutions have been withdrawn for agreement following negotiation with the company.
2023 Withdrawals for Agreement
Last Updated 30 June
|THEME||NUMBER OF WITHDRAWALS FOR AGREEMENT||RELEVANT PUBLIC STATEMENTS |
|Greenhouse Gas Targets||3||Agreement at The Southern Company|
|Climate Lobbying||5||Agreement at National Grid PLC|
2023 AGM Statements and Questions – Examples
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.
- Statement by AkademikerPension and EOS at Federated Hermes at the A.P. Moller-Maersk 2023 AGM on the themes of just transition, climate resilience and adaptation disclosure, and climate lobbying. The company responded by reaffirming its commitment to improving its disclosures and highlighted its use of the CA100+ Net Zero Company Benchmark criteria to inform its efforts.
- Statement by MN at the Shell plc 2023 AGM outlining three recommendations for Shell to consider in order to take “further and bolder steps” to the energy transition, and to “safeguard the long term interest” of its shareholders.
- Statement by Ethos at the Holcim Limited 2023 AGM on improvements to the Company’s climate report.
- Statement by Ethos at the Glencore plc 2023 AGM in support of the shareholder resolution calling for greater transparency on the Company’s climate strategy (item 19) and in opposition of the vote on Glencore’s climate report (item 13), stating that the company does not have a scientifically validated reduction target and its current exposure to fossil fuels remains too high.
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.