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Investors Demand ‘Say on Climate’ at FTSE Listed Firms

Investors including the Local Authority Pension Fund Forum (LAPFF), Sarasin and Partners, CCLA and Ethos Foundation wrote to the chairs of all FTSE listed companies requesting that they permit a shareholder vote on firms’ greenhouse gas emission reduction strategies. The groups say that having a ‘Say on Climate’ vote will “enhance transparency and accountability on one of the most pressing financially material risks facing investee companies”. The letter praised Boards that have already enabled shareholders to have a ‘Say on Climate’ via a resolution on the ballot paper ahead of the 2023 AGM season. However, the letter urged all companies to follow suit by disclosing their transition plans aligned to a 1.5°C temperature outcome and allowing investor oversight on the “robustness of plans” through a vote on the strategy and any associated capital expenditure requirements. Doug McMurdo, Chair of LAPFF, said: “The lack of disclosure and the timidity of climate plans at many companies are very serious concerns for investors. Such concerns should be addressed by all companies publishing credible climate action plans and allowing investors to have a say on whether the strategies are fit for purpose.” 

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