Support Swells for Credit Suisse Climate Resolution

Institutional investors including Aviva Investors, Legal and General Investment Management, Border2Coast and Northern LGPS, which serves the Merseyside, Greater Manchester and West Yorkshire local government pension schemes, have said they will back a resolution calling for Credit Suisse to accelerate its efforts to reduce fossil fuel financing activities. UK-based NGO ShareAction has co-filed a shareholder resolution which will be put to a vote at the Swiss bank’s AGM on Friday. It is now reckoned that 31 investors with a combined US$5 trillion AUM will support the resolution, which asks Credit Suisse to improve its climate risk disclosures, bring its coal, oil and gas policies in line with leading practice, and publish short- and long-term targets to reduce its exposure to coal, oil and gas assets consistent with the 1.5C goal of the Paris Agreement.

 

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