Majority Action released its recommendations for votes against directors deemed responsible for climate risk oversight at more than 20 companies in the electric power, oil & gas, financial services, and insurance industries. The bases for the recommendations include the alleged failure of such companies to: (i) establish adequate net zero GHG reduction targets; (ii) include Scope 3 emissions in established reduction targets; (iii) fully align their climate policy engagement with the goals of the Paris Agreement; (iv) include absolute emissions in financed emissions targets; and/or (v) disclose insurance-associated Scope 3 emissions.
Under the guise of racial equity, Majority Action also recommended votes FOR a variety of shareholder proposals encompassing not only a racial equity audit, but also payment of a living wage, workplace safety, freedom of association and collective bargaining, and lobbying and political congruency proposals.
This post first appeared in the weekly Society Alert!