Tell public pensions: Hold corporate polluters accountable!

State Pension Fund Managers

In the fight for a livable planet, elections are important. And every spring there are little-known elections at the annual shareholder meetings of big banks, utilities, fossil fuel producers, automakers, and other major polluting companies that will have a huge impact on the climate and our future.  

This shareholder meetings season, there will be dozens of climate-related proposals up for vote at major corporations. These votes shape how some of the biggest companies in the world will act – what fossil fuel projects get built, whether fossil fuel expansion gets bankrolled or climate solutions are funded, and what kind of responsibility the company will take towards Indigenous and frontline communities.

Some of the biggest investors voting at these Annual General Meetings are state pension funds, which collectively manage trillions of dollars on behalf of public school teachers, firefighters, and other public employees. That money is invested in corporations across the economy, which gives pension funds a critical responsibility to vote the right way on climate and other sustainability issues. These funds are managed by state treasurers and pension boards, who are accountable to you.

Act Now: Tell your state pension fund manager to vote for climate action!

To: State Pension Fund Managers
From: [Your Name]

I am writing to call on you to vote YES on the following climate and Indigenous rights resolutions at shareholder meetings this spring. There are several key topics this year that I am asking for your vote on to ensure that corporations are managing and mitigating the climate-related risks that put our public pension funds and taxpayer resources in jeopardy:

1. Vote AGAINST board members at fossil fuel majors, utilities, and financial institutions failing to adopt 1.5-degree aligned business plans.

I urge you to follow Majority Action’s voting guide on corporate directors, which recommends voting against the entire board at ExxonMobil, ConocoPhillips, and Occidental Petroleum, alongside targeted recommendations for additional oil and gas companies, utilities, and financial institutions that have failed to adopt 1.5 degree aligned business plans.

2. Vote YES for Human Rights, Indigenous Rights, and Environmental Justice

There are several resolutions this year that call on companies to address risks related to inequity and human rights. I urge you to support the environmental justice resolution at Goldman Sachs, and resolutions pertaining to Indigenous people’s Free, Prior, and Informed Consent (FPIC) at JPMorgan Chase, Citigroup, and Wells Fargo.

3. Vote YES for Responsible Stewardship

Many financial institutions are facing resolutions that request reviews and disclosures of the companies’ stewardship policies, as they relate to climate, diversity, systemic risk, and/or client preference. I urge you to support these resolutions at BlackRock, State Street, JPMorgan Chase, Goldman Sachs, and Bank of America.

4. Vote YES for Climate Disclosures

This year, shareholders have requested disclosures covering emissions, the ratio of clean energy to fossil fuel financing, and emissions associated with underwriting. I urge you to support these resolutions at Citigroup, Goldman Sachs, Wells Fargo, JPMorgan Chase, Morgan Stanley, Chubb, and Travelers.

5. Vote YES for Climate Target-Setting

Investors continue this year to request companies set medium or long-term carbon emissions reduction targets or adopt transition plans. I urge you to support these resolutions at AIG, DTE Energy, Southern Company, Berkshire Hathaway, and CenterPoint Energy.

6. Vote YES for Lobbying Disclosures

Lobbying disclosures remain a priority for investors. I urge you to support these resolutions at Edison International, American Express, Capital One, Morgan Stanley, Goldman Sachs, Wells Fargo, Bank of New York Mellon, and Bank of America.

The global financial giant, Swiss Re, has estimated that the world stands to lose close to ten percent of total economic value by mid-century if climate change stays on the currently anticipated trajectory. If the world warms by 3.2°C, the economic losses will hit $23 trillion by 2050, or 18% of global economic value. As pension trustees, staff, and state financial officers, you have a fiduciary responsibility to manage beneficiaries' savings in a manner that mitigates climate-related financial risks. A key way to do this is using your proxy voting powers to support shareholder resolutions that move companies toward Paris-alignment and respecting Indigenous rights and sovereignty.

I urge you to vote YES on these proposals and to declare your support publicly before the annual general meetings take place. Thank you.