NatWest's annual general meeting in Edinburgh was temporarily suspended after singing protesters interrupted the chair's opening speech. Activists wearing black T-shirts with slogans including 'No more big oil' and 'No bombs' sang a version of Frère Jacques, prompting a half-hour adjournment. The protesters are believed to be from Extinction Rebellion's XR Money Rebellion group, which campaigns against bank financing of fossil fuels.
When the meeting resumed, shareholders questioned the bank's climate policies and executive pay. Recent changes to NatWest's policy include dropping a commitment not to lend to oil and gas companies without credible transition plans or carbon reporting. The Church of England pension board voted against re-electing chair Rick Haythornthwaite due to 'concerns about NatWest backtracking on its climate commitments'.
Haythornthwaite, a former BP geologist, defended the bank's approach, saying it was taking climate breakdown 'very seriously'. He highlighted NatWest's goals to halve its climate impact by 2030 and achieve net zero by 2050, and noted that oil and gas financing represents only 0.6% of total lending. He described the policy changes as a 'slight shift' and a 'pragmatic middle road'.
Investors expressed dissatisfaction. Jeanne Martin from ShareAction, representing 19 institutional shareholders with $1.4tn in assets, criticised the reduced ambition of NatWest's fossil fuel policy. She said the backtracking risks accelerating exposure to physical climate risks and long-term financial instability. Haythornthwaite agreed to a meeting with concerned investors within three months.
Despite the dissent, Haythornthwaite was re-elected with 92% shareholder support, the lowest approval among all resolutions. Martin noted that this level of opposition is significant for a board chair. Unite union representatives also raised concerns about rising dividends and executive pay while staff face financial hardship, with some using food banks. Haythornthwaite expressed hope for a fair pay agreement with the union.
