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UK investors backtrack on support for climate resolution at oil firms’ AGMs

Asset management firms accused of sacrificing climate action by voting against shareholder resolution at Chevron and ExxonMobil

Some of the UK’s largest investors have backtracked on their support for a shareholder resolution that would force the big oil companies to cut their carbon emissions, according to a campaign group.

Asset managers at Legal & General, abrdn and Janus Henderson voted against the climate resolutions put forward by Follow This, a Dutch shareholder activist group, at the annual general meetings of the US oil companies Chevron and ExxonMobil this year, having voted in favour of them in previous years.

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