Last week, we called on State Treasurers and public pension managers to crank up the pressure on Wall Street’s bankrolling of climate chaos and to demand change.
Now it’s time to raise the alarm with the banks’ very largest shareholders and hold them accountable in some of the most important climate votes of the year. Banks are public companies, and every year they hold Annual General Meetings (AGMs) to run elections for their boards of directors and hold votes on shareholder proposals.
BlackRock, Vanguard, Fidelity, and State Street, four of the biggest players on Wall Street, are top shareholders at nearly every major bank and insurance company. Their size means they have make-or-break voting power in determining the outcomes of these votes.
These votes shape how banks will act – what projects get built, whether fossil fuel expansion gets bankrolled or climate solutions are funded, and what kind of responsibility banks and their clients will take toward Indigenous and frontline communities.
These asset manager giants must use their voting power to send the right messages to banks and insurance companies. They can hold banks and insurance companies accountable by supporting this year’s key climate resolutions.
If these asset managers vote no again this year, there’s no excuse. They’ll be blatantly disregarding climate science, the needs of frontline communities, and the best interests of both the public and their clients.
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