Citi, Bank of America, Wells Fargo Shareholders Backed Proposals To Stop Financing New Fossil Fuel Supplies Doesn't Get Enough Support

  • Investors at Citigroup, Inc C and Bank of America Corporation BAC hardly backed proposals, essentially asking the banks to stop financing new fossil fuel supplies, Reuters reports.
  • Wells Fargo & Company WFC investors followed suit with a similar proposal.
  • An expert saw the results reflect the current instability in energy markets and activists’ challenge in persuading significant mutual funds to support their causes.
  • Representatives for top fund managers BlackRock Inc BLK and Vanguard Group declined to say how they voted on the measures, which the banks opposed.
  • One of the proposal sponsors' said rising oil prices might have spooked the big firms.
  • The investors peppered bank directors and executives with questions on social and environmental policies.
  • The questions reflected firmly held views by environmental and humanitarian activists, calling on banks to expand pro-environmental commitments and examine racial equity among employees, and Republican-leaning viewpoints, critical of Wall Street’s embrace of environmental and social concerns.
  • photo by Charlie_Hang via Unsplash
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