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      shareholder activism

      Bank of America protest

      Banks Accused of Placing 'Profit Over People and Our Planet' as Investor Climate Resolutions Fail

      "Investors who voted against these resolutions should expect to have a hard time sleeping at night with the knowledge that their misplaced greed will lead to climate destruction and chaos," said one campaigner

      Brett Wilkins
      Apr 25, 2023

      Activists on Tuesday lamented their failure of various climate and Indigenous rights resolutions at the annual shareholder meetings of some of the nation's biggest banks, with one campaigner accusing the financial institutions of prioritizing "profit over people and our planet."

      Just 10% of Citigroup shareholders and 7% of those owning Bank of America stock voted for resolutions urging banks to adopt a phaseout of financing for new fossil fuel projects. An unknown percentage of Wells Fargo shareholders voted for the resolution. Similar resolutions proposed last year garnered 13% of the vote at Citi and 11% at Bank of America and Wells Fargo.

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      shareholder activism
      The Chevron logo in white on blue at a gas station.

      The Right Embraces Shareholder Activism in War on So-Called "Woke" Capitalism

      Right-wing shareholder proposals that target environmental, social, and governance (ESG) frameworks are up 60% compared to this time last year.

      Juliana Broad
      Apr 21, 2023

      After years of criticizing progressives for shareholder activism focused on social justice and environmental concerns, right-wing groups and ideologues are embracing the same strategy themselves.

      At publicly held companies, right-wing shareholder proposals that target environmental, social, and governance (ESG) frameworks are up 60% compared to this time last year, according to the 2023 Proxy Previewreport published by the nonprofits As You Sow, the Sustainable Investments Institute, and Proxy Impact.

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      Opinion
      shareholder activism
      An activist holds a sign depicting JPMorgan Chase CEO Jamie Dimon and detailing information about the bank's fossil fuel financing at a protest in London on October 19, 2021.

      1,300+ Scientists Urge JPMorgan Shareholders to Vote for End to New Fossil Fuel Financing

      "It's time for big banks to listen to the science and stop funding climate destruction," said one advocate.

      Kenny Stancil
      Apr 10, 2023

      As the fossil fuel-driven climate crisis continues to wreak havoc around the globe, more than 1,300 scientists and researchers on Monday published a letter imploring JPMorgan Chase shareholders to support a resolution that asks the financial giant's board of directors to "adopt a policy for a time-bound phaseout" of bankrolling new coal, oil, and gas projects.

      The resolution in question is being proposed at the bank's annual meeting on May 16. If passed, "this resolution would encourage JPMorgan Chase to stop providing financing, including loans, bonds, and underwriting, to companies engaged in fossil fuel expansion," states the letter, which was led by prominent climate experts in partnership with the Union of Concerned Scientists (UCS) and Stop the Money Pipeline (STMP). "By making this commitment, JPMorgan Chase could signal its intention to advance the clean energy transition and help ensure a safer future for people and our planet."

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