UK pension funds threaten to vote against BP and Shell directors over climate targets

Contributing sentiments towards policy:

53% : The plan by the UK universities' pension scheme and Borders to Coast, which invests the retirement pot of 1mn local authority workers, was part of efforts to push oil companies and banks to make faster progress on climate change pledges, executives told the Financial Times.
47% : The £91bn Universities Superannuation Scheme, one of the largest pension schemes in the UK, said comments made by BP and Shell could indicate "a possible weakening of previous positions on climate change", which would be factored into USS votes at annual shareholder meetings scheduled for May.USS also intends to vote against directors at oil companies that do not provide a breakdown of spending on projects that add to their carbon footprint and any banks that fail to disclose their climate transition plans.
37% : Under the new policy, the pension scheme will vote against the chairs of oil companies that fail to set out short, medium and long-term emission reduction targets, as well as those failing to integrate climate risks into their business strategy and capital expenditure decisions.

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