Campaign group ShareAction is urging institutional investors to vote against the re-election of bank chairs who weaken climate commitments, targeting major UK lenders including HSBC, NatWest, Lloyds, and Barclays. The move comes as banks face pressure to backtrack on environmental goals following Donald Trump's return to the White House.
ShareAction will issue detailed reports to pension funds and asset managers, analysing whether 34 of the world's largest banks are sticking to their climate policies. The UK's biggest banks, due to publish annual reports by the end of February, will be among the first scrutinised. Barclays releases its report on Tuesday.
Kelly Shields, ShareAction's senior campaign manager, said the symbolic votes aim to send a personal message to directors overseeing climate row-backs. 'Even a small amount knocked off of that can send quite a strong signal,' she said, noting that directors typically receive 98-99% approval.
The campaign follows a series of defections from the UN-backed Net Zero Banking Alliance (NZBA), including by HSBC and Barclays, after Trump's anti-green agenda emboldened climate deniers. HSBC last year delayed key climate goals by 20 years and watered down targets in its CEO's bonus plan.
ShareAction hopes to 'slow down this trend of backtracking' and signal that such moves come with consequences. The group is rallying new and existing supporters in the investment world ahead of annual shareholder meetings this spring.
