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UK pension funds promise to vote against BP and Shell directors over climate goals

by Segun Ogunlade March 12, 2023
written by Segun Ogunlade March 12, 2023
633

The renewal of some top directors at BP Plc and Shell Plc might suffer setbacks as two of the UK’s largest pension schemes said it would vote against them at their annual meetings, unless both companies strengthen commitments to tackling carbon emissions.

The planned action by Britain’s Universities Superannuation Scheme (USS) and Borders to Coast, which together oversee 130 billion pounds ($156.36 billion) in assets is inspired by stakeholders’ efforts to push oil companies and banks to make faster progress on climate change pledges.

Voting against management was “one of the most influential means of swaying company behavior available to investors,” Colin Baines, stewardship manager at Borders to Coast, told reporters.

“Our new stewardship and voting policy will see us vote more personally against responsible directors where possible,” USS said in a statement made available to reporters.

Read also: Climate Change: Iraq to plant five million trees

It added in the statement that as a long term investor, the action will be taken where a company has not disclosed its climate transition plan, does not meet diversity expectations, or where executive pay doesn’t align with company performance.

BP had in February said it aimed to cut emissions from fuels sold to customers by 20% to 30% by 2030, a percentage that is less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050.

Shell has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes and has pledged to be a net zero carbon company by 2050.

Story was adapted from Reuters.

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