Campaign group ShareAction is urging institutional shareholders to vote against the re-election of bank chairs who weaken climate commitments, targeting major UK lenders including HSBC and Barclays. The group will issue detailed reports to pension funds and asset managers, analysing whether 34 of the world's largest banks are adhering to their environmental goals.
NatWest, Lloyds, and HSBC are due to release annual reports by end of February, with Barclays publishing on Tuesday. ShareAction will call for votes against chairs overseeing climate backtracking at annual shareholder meetings starting this spring.
Kelly Shields, ShareAction's senior campaign manager, said while votes are unlikely to remove directors, they send a personal message. 'These directors are getting nodded through with 98-99% of the vote. Even a small amount knocked off can send a strong signal,' she said, aiming to 'slow down this trend of backtracking.'
The campaign follows pressure on banks since Donald Trump's return to the White House, which emboldened climate deniers and fueled oil and gas production. This led to defections from the UN-backed Net-Zero Banking Alliance, including by JP Morgan, Citigroup, Goldman Sachs, Barclays, and HSBC, ultimately causing the alliance's collapse in September.
HSBC last year delayed key climate goals by 20 years and weakened environmental targets in its CEO's bonus plan. ShareAction hopes to push banks to reassess and prioritise long-term financial stability and the planet.
