William Eichler 03 October 2023

Council pension funds call for climate vote

Council pension funds call for climate vote  image
Image: szefei / Shutterstock.com.

Local authority pension fund managers have urged FTSE companies to give shareholders more of a say on plans to reach net zero.

The Local Authority Pension Fund Forum (LAPFF), a voluntary association of 87 public sector pension funds and seven pool companies based in the UK, has co-signed a letter to the chairs of 35 FTSE 350 companies setting out their expectations for shareholder votes on climate transition plans.

While some companies already hold shareholder votes on their decarbonisation plans, the letter notes that this was ‘far from standard practice, including among high-emitting companies.’

The letter, signed by 18 investors representing £1.8tn AUM, stated: ‘Having such a vote will enable shareholders in the first instance to express their view on transition plans through a specific resolution rather than immediately voting against the chair or another board member.’

Cllr Doug McMurdo, chair of LAPFF, said: ‘Climate change is one of the biggest risks facing investors. Therefore, it only makes sense that companies provide shareholders with a vote on how they are planning and delivering the transition to a decarbonised economy.

‘For those companies not providing its own investors with the opportunity to have a say on climate plans, the focus of shareholder attention will inevitably first fall on director elections.’

If this article was of interest, then check out our feature, 'Navigating the great LGPS investment reset'.

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