NatWest Faces Shareholder Uproar Over Climate Policy Revisions
NatWest faces AGM showdown over climate backtracking
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NatWest Bank is facing significant backlash from investors and climate scientists ahead of its annual general meeting in Edinburgh, as they demand a reversal of recent policy changes perceived as 'climate backtracking.' Key stakeholders, including the Church of England, are urging protest votes against board members, particularly chair Rick Haythornthwaite.
- 01Investors and climate scientists are protesting NatWest's recent climate policy changes.
- 02The Church of England and other investors are backing calls for accountability at the AGM.
- 03Campaigners are urging a vote against the bank's chair, Rick Haythornthwaite.
- 04NatWest has removed key restrictions on lending to oil and gas sectors.
- 05ShareAction is leading the charge with support from investors managing $1.4 trillion in assets.
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NatWest Bank is bracing for a contentious annual general meeting (AGM) in Edinburgh as investors and climate scientists rally against what they term 'climate backtracking.' The bank has faced criticism for easing restrictions on lending to the oil and gas sector and dropping decarbonisation targets without adequate justification. Campaign group ShareAction is spearheading the protest, urging stakeholders to vote against board members, including chair Rick Haythornthwaite. Notably, the Church of England has joined the campaign, highlighting a growing concern among investors managing approximately $1.4 trillion in assets. ShareAction plans to present letters at the AGM, including one signed by 70 climate experts, urging NatWest to restore its climate commitments. Recent policy changes include the removal of a ban on financing oil and gas companies lacking credible transition plans and the abandonment of targets for sectors like aluminium and cement. Jeanne Martin, head of banking at ShareAction, emphasized the dangers of NatWest's retreat from climate leadership, stating it undermines public trust and exacerbates the climate crisis. In response, NatWest has reiterated its commitment to reducing its climate impact and engaging with stakeholders to refine its policies.
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The outcome of the AGM could influence NatWest's future climate policies and its role in financing fossil fuel projects, impacting public trust and environmental sustainability.
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