Home Business Shareholder support for U.S. climate measures hits nearly 50% -report By Reuters

Shareholder support for U.S. climate measures hits nearly 50% -report By Reuters

© Reuters. FILE PHOTO: A person walks by a steam pipe in the Financial District after The United Nations released the Intergovernmental Panel on Climate Change’s (IPCC) latest report, in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly

By Ross Kerber

BOSTON (Reuters) – Support for climate-related shareholder resolutions at U.S. companies rose significantly this year, according to a report released on Wednesday, as investors focused on economic threats posed by global warming.

The paper, from Institutional Shareholder Services, the largest proxy adviser, found median support for the proposals was 48.9% during the proxy season ended June 30, up from 37.6% in 2020 and 27.5% in 2019.

The total number of resolutions filed rose to 84, also an increase from the prior two years, the report found.

Popular themes for shareholder climate resolutions this year included aligning emissions with the goals of the Paris Agreement, company greenhouse gas emissions and disclosures, and resolutions aimed at company lobbying activities, ISS said.

“The 2021 U.S. proxy voting season marked an escalation of shareholder engagement on climate-related issues and an expansion of investor voting approaches,” said Georgina Marshall, global head of research at ISS, in a statement.

The figures were in line with earlier data showing rising support for climate measures. Once given little attention, shareholder proposals have come to dominate the agenda at many large-company annual shareholder meetings in recent years, prompting business groups in Washington to back new rules making them harder for investors to file.

Driving the increase in support are more aggressive proxy vote patterns from large fund firms including BlackRock Inc (NYSE:), as investors channel more money into funds using environmental, social and governance criteria to pick stocks.

BlackRock had said in July it voted against 10% of company directors this year, up from 8.5% the year before.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.