LGIM to Back Climate Votes at Banks

UK-based Legal & General Investment Management (LGIM) will be backing a number of climate-focused shareholder resolutions at the AGMs of eight US and Canadian banks this proxy season. The asset manager will be backing proposals calling for a timebound policy to phase-out lending and underwriting for fossil fuel exploration and development at Wells Fargo, Morgan Stanley, JPMorgan Chase, Goldman Sachs, Bank of America, and Citigroup. Additionally, LGIM will be supporting proposals calling for lenders to disclose science-based 2030 decarbonisation targets for high-emitting sectors and how banks are aligning financing activities with these 2030 targets at JPMorgan Chase, Wells Fargo, Goldman Sachs, Toronto-Dominion Bank, Royal Bank of Canada, and Bank of America. LGIM said: “We continue to consider that decarbonisation of the banking sector and its clients is key to ensuring that the goals of the Paris Agreement are met. Accordingly, we believe our support of many of these resolutions – depending always on the specifics of their drafting language and advisory or binding nature – is warranted.” 


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