Shareholder advocacy group As You Sow’s climate plan proposals targeting Goldman Sachs and Bank of America gained support from almost a third of shareholders at both banks’ annual meetings this week.
In an April 26 press release, As You Sow said its shareholder resolution asking Goldman Sachs to provide an actionable climate transition plan to achieve its 2030 net-zero greenhouse gas goals, gained 30% support.
It followed a similar vote at Bank of America where the proposal was backed by 28.5% of investors. The results of a vote at Wells Fargo are pending.
The proposals argued that the banking sector has a critical role to play in addressing the climate crisis and aligning its financing activities with the Paris Agreement’s net-zero goal.
“Although Goldman has committed to aligning key sectors of its financing portfolio with net-zero targets, its plan for achieving those goals is unclear,” said President of As You Sow Danielle Fugere.
“Goldman must put a plan in place that drives decision-making from the top down, starting with governance, and ending with banker decision-making on new financing. Reliance on clients or outside events is insufficient,” Fugere added.
It was also stated that Bank of America’s plan to achieve its climate goals is unclear.
“This strong vote is a call to action,” said Fugere. “Bank of America has demonstrated leadership in setting 2030 targets aligned with global climate goals. Now comes the hard work of making its plan actionable.”