Campaign for Green US Pension Funds Ramps Up

US shareholder advocacy NGO As You Sow is challenging US-based companies to mitigate climate risks in their workplace pension plans, following changes to ERISA rules. Most recently, 8.8% of shareholders in food company Campbell supported a resolution calling for the firm to produce a report assessing how its retirement funds manage the growing systemic risks of climate change. Although Campbell has adopted climate-related commitments, such as reducing its Scope 1 and 2 emissions by 42% by 2030, it is investing more than US$130 million of employee retirement savings into fossil fuel companies and agribusinesses involved in deforestation, As You Sow said. Although not achieving a majority, As You Sow’s resolution has reached the threshold required to continue engagement efforts and resubmit the same requests next year. A similar resolution has also been filed by investors at Microsoft, which will be voted on at its upcoming AGM on 13 December. Danielle Fugere, As You Sow’s President, said: “Employees want and need investment plans that reduce climate risk and impact. Now more than ever, employees want to save for retirement while leveraging their investor power to avoid climate destruction.” Last month, the Department of Labor issued a new rule which allows ERISA pension plans to incorporate ESG-related considerations into their investment and voting decisions, reversing Trump-era restrictions.

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2023 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top
Newsletter SignupReceive all the latest stories from the ESG Investor editorial team

Subscribe to our free weekly newsletter below and never miss a story.