This morning, shareholders at Citi, Wells Fargo, and Bank of America voted on critical climate resolutions urging the banks to stop funding fossil fuel expansion.
In total, 12.8% of shareholders at Citi voted in favor of the resolutions, while 11% at both Wells Fargo and Bank of America voted yes.
While this may seem low, electoral campaigning and shareholder voting are two verydifferent things. 11% of Bank of America’s shareholders represent $33 billion in investment capital. And when that much money talks, companies listen.
At Citi and Wells Fargo’s meetings, there were also key resolutions demanding that the banks respect Indigenous Peoples’ right to Free, Prior, and Informed Consent. These resolutions fared even better.
34% of shareholders supported the Indigenous rights proposal at Citi, while 26% voted the right way at Wells Fargo.
But it’s impossible to truly respect Indigenous rights while also continuing to fund fossil fuel expansion on Indigenous territory.
In total, $65 billion of investment capital has made it clear to the CEOs of Citi, Wells Fargo, and Bank of America that they demand an end to financing for fossil fuel expansion ― now, it’s our job to make sure that they listen.
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