Large corporations successfully block shareholder climate proposals

This year's proxy season saw major corporations successfully dismissing many climate-related shareholder proposals, raising questions about SEC's role in shareholder democracy.

Mathilde Augustin reports for Inside Climate News.

In short:

Climate investors struggled to pass shareholder proposals on emissions and renewable energy, with the SEC approving company requests to exclude 68% of these proposals.
Companies like Bank of America and Walmart were able to block several proposals on greenhouse gas disclosure, while ExxonMobil took legal action against activist investors.
SEC's leniency towards companies this year mirrors the Trump administration's approach, despite Biden’s 2021 directive to support shareholder climate information requests.

Key quote:

“Of all institutions, the SEC should understand the importance of these proposals, the importance of shareholder democracy, the ability to raise issues of concern with companies and management and boards.”

— Danielle Fugere, president and chief counsel at As You Sow

Why this matters:

Shareholder proposals are crucial for pushing companies to address climate issues. The SEC's current stance makes it harder for climate activists to influence corporate policies, potentially delaying necessary actions to combat climate change.

insideclimatenews.org

Large corporations successfully block shareholder climate proposals

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