The investment arm of HSBC Holdings Plc is ahead of its peers in backing shareholder resolutions designed to force major oil companies to adjust their business in response to climate change.
According to a report by Follow This, the fund management unit of HSBC, which is Europe’s biggest bank, was the only major British investor to back climate resolutions at all major oil companies during the last proxy season.
“HSBC is the only true steward of the global economy in the UK’s top 10,” Mark van Baal, founder of Follow This, said in a statement released on Monday. “Their peers allow most of the big oil companies to continue causing climate disruption.”
For fund managers who emphasize environmental, social and corporate governance issues when investing, voting at shareholder meetings is seen as a key lever for driving change in portfolio companies. These votes are also coming under increasing scrutiny from activists trying to draw attention to ESG issues.
Follow This has submitted shareholder proposals to Shell Plc, BP Plc, TotalEnergies SE, Exxon Mobil Corp. and Chevron Corp., requesting that they set goals to reduce Scope 3 emissions in the medium term and align with the Paris goals. agreement None of the deals received enough shareholder support to be adopted.
