Norway’s sovereign wealth fund will vote in favor of a resolution committing Barclays to tackling climate change at the bank’s annual general meeting on May 7, instead of a separate shareholder one, the fund said
FILE PHOTO: A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett
The resolution was put forward by the bank’s board in response to pressure from investors and the campaign group ShareAction which had put forward its own resolution. “We expect all companies in our portfolio to be transparent about their strategy for calculating, disclosing and reducing greenhouse gas emissions in their operations and value chain,” the fund said in a statement.
Barclays will pledge to be a “net zero” emissions bank by 2050, to set a strategy for transitioning its provision of financial services to align with the goals and timelines of the Paris Agreement, and to report annually on progress.
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