Shareholders Silenced — Banks Evade Responsibility for Climate Impacts

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Wells Fargo and Goldman Sachs, two banks with major investment and loan portfolios in fossil fuel projects, filed motions to exclude from their proxies a climate related shareholder resolution. The resolutions ask them to reduce the full carbon footprint of their loan and investment portfolios in alignment with the 2015 Paris Agreement’s goal of maintaining global warming well below 2 degrees. The U.S. Securities and Exchange Commission (SEC) recently granted the banks (Wells Fargo, Goldman Sachs) the right to prevent shareholders from raising the issue with other shareholders, management, and the banks’ boards….

An excerpt from As You Sow