University investment funds urge ‘bold action’ to stop new fossil fuel projects
A coalition of university investmentfunds has called on institutional investors to rebel against the boards of fossil fuel companies and their backers.
As Shell prepares for its annual shareholder meeting this week, representatives from the Universities of Newcastle, Sussex, Bristol and from Trinity College, Cambridge, have written an open letter to the asset management industry urging “bold action” to stop new fossil fuel projects.
The letter, seen by the Guardian, asks asset managers to vote against directors of companies pursuing or backing new projects. It also asks investors to support all climate-linked shareholder resolutions, particularly those that call for an end to new fossil fuel projects.
A spokesperson for the University of Sussex said: “Our academics have identified new fossil fuel projects as a key threat to meeting critical global climate targets, including limiting global heating to 1.5 degrees. Asset managers, who hold trillions in investments on behalf of their clients, have a key role to play in stewarding the world’s economy away from fossil fuels.”
The latest call for a revolt against the fossil fuel industry has emerged as Shell braces for what is expected to be one of its most hostile annual meetings in London after fierce climate protests in recent weeks that have disrupted the AGMs held by BP, Barclays and Drax.
Leading investment funds, proxy advisers and activist shareholders are preparing to take Shell to task for failing to outline a business strategy that aligns with the Paris climate agreement.
The company’s chair, Sir Andrew Mackenzie, will face calls to be ousted from the board by the Church of England Pensions Board, Britain’s Local Authorities Pension Funds Forum and the UK’s biggest
Read more on theguardian.com
