NYC Comptroller seeks annual disclosure of each banks’ ratio of clean energy supply financing to fossil fuel energy supply financing.
City Comptroller Brad Lander said he expects energy supply ratio disclosure will become a ‘new standard’ for the banking sector.
Shareholder proposals filed by three funds contend that board diversity improves decisionmaking, transparency and accountability.
Brad Lander said a report by law firm Jenner & Block lacks rigor, expertise and worker input.
Three of the city’s pension funds filed shareholder proposals seeking greater fossil-fuel transparency at six of the largest banks in North America.
Climate-related initiatives struggled due to a ‘well-funded backlash’ from conservative interest groups.
The Occidental Petroleum-owned firm is the only company in the U.S. that still imports the toxic chemical.
Haddad was previously interim CIO overseeing the New York City Retirement Systems’ $248 billion portfolio.
Shareholder proposals have been filed with Bank of America, Goldman Sachs, JPMorgan Chase and Royal Bank of Canada.
Brad Lander says the ‘contradiction between BlackRock’s statements and actions is alarming.’
