Move is latest push in campaign for climate goal-aligned accounts
London — Thirty-four investors managing more than $7-trillion in assets have warned 17 of Europe’s largest companies, including BP and Volkswagen, that they could challenge board directors over their accounting of climate risks.
The need for faster action to cap global warming at 1.5°C and mitigate its worst extremes was reiterated by UN climate scientists in a landmark report on Monday. Investors have tried to press the companies on the issue before. In 2020, through the Institutional Investors Group on Climate Change, they laid out a series of steps boards need to take to align their accounts with the Paris Agreement on climate, including changing accounting assumptions.
Shareholder votes could also be cast against companies’ decision to retain their auditors or a request to approve their financial statements, Landell-Mills said. Landell-Mills said votes would be influenced by the latest annual reports, and that Sarasin had decided to vote against the financial statement and auditor at Rio Tinto’s annual general meeting and abstain on whether to re-elect the audit committee’s chair.She added she was pleased to see Shell include a “sensitivity analysis” in the notes to its accounts, released after the letter had been sent, that showed impairments could hit $27bn-$33bn based on average prices from four 1.
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