ShareAction’s Post

Last Thursday, we travelled to Glasgow for the Barclays AGM to demand that the bank stop financing fracking and also to call into question its green financing targets. Our campaigners Kelly Shields and Isabella Salkeld were joined by Tina Rothery, an anti-fracking campaigner who hand-delivered an open letter backed by over 4,000 members of the public, and Niamh Roberts representing Center for Coalfield Justice. Tina, Niamh and Isabella all faced the board of directors to challenge them on Barclays’ financing of fracking and its green targets. The responses were largely vague and non-committal, even suggesting that short-term projects like fracking are needed as part of a green transition, despite both Niamh and Tina clearly raising the huge environmental and social risks that come with this destructive activity. This is simply not good enough, as a new report published today* reveals that Barclays increased its financing to fracking from $1.4 billion in 2022 to over $2.1 billion in 2023, and the bank has maintained its title of Europe’s biggest fossil fuel financer. Barclays did however agree to keep engaging with us on its fossil fuel policy and green targets. We will maintain pressure on the bank, working with its investors to ensure its climate action matches its climate promises. *Banking on Climate Chaos 2024 is a report by Rainforest Action Network, BankTrack, CEED, Indigenous Environmental Network, Oil Change International, Reclaim Finance - ONG, Sierra Club and Urgewald. It can be read in full at https://lnkd.in/eXPPgpxr.

Do you agree with ShareAction supporter Annabel? 👇 Earlier in the year, Annabel attended Santander's AGM, pressing the bank's directors to restrict financing for new oil and gas projects. Santander increased its fossil fuel financing from $8.2bn in 2022 to $14.5bn in 2023. [source: Banking on Climate Chaos Report 2024] For more 2024 AGM stories like Annabel's, head to our website: https://lnkd.in/egjFsYuq

Next week, our EU policy team will be heading to Strasbourg to meet with new and returning MEPs to continue championing sustainability initiatives. While we've made strides in integrating sustainability into financial regulation and setting ambitious climate goals, the journey is far from over. 💪 The challenges ahead—from climate threats to social inequalities—demand strong leadership and collaboration. This is crucial to preserving progress and continuing the transition to a sustainable, prosperous economy. Stay tuned! 📺

We're supporting Principles for Responsible Investment's joint letter to the new Prime Minister Keir Starmer urging him to create a smart, strong and supportive policy environment so the new government can begin to grasp the opportunities presented by the transition to #netzero. Our transition to net zero presents a once-in-a-lifetime opportunity to deliver long-term economic stability, reduce social and health inequality, and support the creation of new secure jobs. The new government should seize the moment and take an ambitious, coordinated approach which ensures the full potential of business and finance is unleashed in the long-term interests of people and planet.

The results are in - the The Labour Party have been elected as the next UK government. We’ll be working with newly elected MPs across Parliament to campaign for a higher standard of responsible investment. The new government has made several commitments, including delivering economic stability and creating a green energy system fit for the future. In a challenging fiscal climate, these will depend on a responsible financial system aligned with long-term, sustainable prosperity. The UK’s financial sector has a lot of power but the rules that underpin the system and guide investors are not fit to deal with the crises we face today. Policymakers can change that and transform the financial system so that it works for both people and the planet. Labour has come into power at a crucial point for our futures. We need the government to be ambitious and build a more sustainable financial system that better protects our long-term interests. Hear from our Public Affairs Manager on how the government can change the system for the better.

Our EU Policy team were at the European Parliament last week to deliver a message to the new and returning Members of European Parliament, who will soon take their seats. We urge all MEPs to stick to their commitments on sustainability. It's not just the right thing to do but it also makes economic sense for the future of Europe. MEPs should seize opportunity to create a legacy of sustainability and prosperity for future generations. Hear from our team on what MEPs need to be doing in their upcoming term ⬇🎬

Our campaign on low wage continues today as we attend Marks and Spencer's online AGM. Despite being unable to attend in person and speak to the board of directors face-to-face, our Chief Executive Catherine Howarth OBE is holding them to account by submitting a video question. We have engaged M&S on the topic of the real Living Wage since 2015, but M&S continues to be resistant to the idea of accrediting as a Living Wage Employer. Catherine asks that ALL M&S staff, including on-site third-party contractors like cleaners and security staff, be paid the real Living Wage. ⬇

Our campaign to tackle poverty wages on Britain’s high street continues this week as we attend the AGMs of three major retailers: Marks and Spencer, Sainsbury's and JD Sports Fashion. 🛍🛒 Facing the board of directors, we will question their refusal to commit to paying all their staff a real Living Wage of £12 an hour. This wage is calculated by the Living Wage Foundation and is based on the *actual* Cost of Living. The AGMs will be taking place in the shadow of the general election where the cost-of-living crisis and the UK economy have been front and centre of campaigning. Our CEO Catherine Howarth OBE, who will be asking a question at the M&S AGM, said "Businesses paying the real Living Wage is vital to protect living standards for low-paid workers and serves the long-term interests of businesses, investors, and society. This is why we are calling on investors to use their influence as shareholders to steward companies in the right direction and ensure all workers receive the real Living Wage.” Stay tuned to see how we get on 💪

A big thank you to all the participants, presenters and panellists at our inaugural Stewardship and Engagement Leadership Programme! We delivered the three-day executive education programme in collaboration with our partners Oxford Sustainable Finance Group. The course focused on building the skills, insights and networks needed for stewardship professionals to carry out their vital role in safeguarding financial returns whilst generating environmental and social outcomes that serve the interests of their clients and beneficiaries. 🌎🧑🤝🧑   We were thrilled by the energy, enthusiasm and insightful contributions all participants brought to the experience. We hope you've gone away inspired by the power of what strong collaborative stewardship can achieve, excited to implement new approaches and buoyed by new friendships! If you're a stewardship professional looking for rewarding and stretching opportunities to develop your responsible investment capabilities, keep an eye on this channel for future opportunities. 👀 University of Oxford Catherine Howarth OBE Alex Money Kevin Chuah Louise Rouse Rob Bauer Sacha Sadan Sophie Robinson-Tillett Simon Rawson