In early May, Barclays received overwhelming shareholder support for its proposal to put Paris-alignment into their Articles of Association. This marked a turning point in banks’ acceptance that their future success is intimately tied up with the planet’s continued stability.
Next week, JPMorgan’s shareholders will be similarly asked whether the bank should set out its plans to align with the Paris goals. Unlike Barclays, JPM’s board is arguing against such a commitment. We believe this response is ill-judged and short-sighted. The request by As you Sow is in all shareholders’ – and society’s – interests. It has our support.
The Board’s decision to reject the request raises broader questions over competence. Of particular concern is Lee Raymond’s role as Lead Independent Director – not only does his 33 years on the board mean he is no longer credibly independent, but his views questioning climate science are well documented. In our view, these factors mean we will vote against Lee Raymond’s reappointment.