A Sustainable Investment in Journalism

A sustainable business requires diverse revenue streams. ESG Investor now operates a subscription service as of Tuesday 14th May. To find out more please get in touch with our subscription team on subscriptions@esginvestor.net

AUM in Action

JP Morgan, Morgan Stanley Shareholders Push for Better Disclosures

Investors at JP Morgan and Morgan Stanley voted on several proposals at the banks’ AGMs this week, calling for stronger transparency on energy financing and impacts on indigenous peoples’ rights. A resolution filed at Morgan Stanley by New York City (NYC) Comptroller Brad Lander and public pension funds requested annual disclosure of the bank’s clean energy supply financing ratio, receiving 23% of support. At JP Morgan, a resolution requested a report on the effectiveness of policies for respecting the rights of indigenous people in regards to financing decisions, receiving 30.4% of support. Last year, the two institutions faced several climate-related shareholder proposals calling for progress on implementing their climate and human rights commitments. Investors showed strong support on similar resolutions at other major US banks this AGM season. In the lead up to it, Citigroup, JPMorgan Chase and Royal Bank of Canada agreed to disclose their relative levels of financing for low-carbon energy versus fossil fuels in response to shareholder resolutions filed by the NYC comptroller and three NYC pension systems. However, Bank of America, Goldman Sachs and Morgan Stanley failed to reach similar agreements. Lander has consistently emphasised the need for banks to increase financing for low-carbon energy, and decrease financing for fossil fuel expansion in order to align with the Paris Agreement. Last year, he filed a proposal at JP Morgan asking for the disclosure of 2030 absolute greenhouse gas (GHG) emissions targets for the bank’s energy portfolio, receiving 12% of support. “This week’s results at JP Morgan and Morgan Stanley are a decisive conclusion to this year’s bank AGM season, demonstrating that investors are serious about pushing banks to deliver on their climate commitments,” commented Adele Shraiman, Senior Strategist for the Sierra Club’s Fossil-Free Finance campaign.

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 © 2024 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top