Investors welcome climate lobbying review from National Grid following engagement
30th June 2023
A brilliant outcome that shows the positive power of shareholder engagement through Climate Action 100+, as National Grid commits to conduct a climate lobbying review following engagement from the Church of England Pensions Board and AP7 on this critical issue.
*Originally posted by the Institutional Investor Group on Climate Change, 30th June 2023
The Church of England Pensions Board and AP7 began engagement with the National Grid on corporate climate lobbying earlier this year, due to the company’s lack of disclosure.
As a lead engager with the company as part of Climate Action 100+, on 19 June Church of England Pensions Board publicly pre-declared its intention to vote against the Chair and CEO of National Grid over the company’s lack of climate lobbying disclosure. This was subsequently flagged by Climate Action 100+, as part of its policy to flag shareholder proposals and other votes aligned with the goals of the initiative for investors to take into consideration during proxy season.
National Grid has since released an updated lobbying policy with a commitment to conduct a lobbying review. This has been welcomed by the Church of England Pensions Board and AP7, which have now signalled their intention to vote in favour of management at the AGM.