BERLIN – Volkswagen has rejected a shareholder proposal for it to elucidate how its lobbying actions align with its local weather targets – one thing two of the carmaker’s main opponents have already promised to do, one of many buyers stated on Friday.
A submitting by a bunch of seven shareholders stated that whereas Volkswagen does disclose its commerce affiliation memberships, it ought to go additional and say whether or not the associations’ goals are appropriate with its emissions-cutting targets.
Fellow carmakers Mercedes-Benz and BMW have already dedicated to doing that.
“The Board is failing to ship clear oversight of the corporate’s local weather lobbying,” stated Charlotta Sydstrand, sustainability strategist at Swedish pension scheme AP7, one of many shareholders concerned within the proposal.
Her feedback have been included in an announcement issued by the Church of England Pensions group, which additionally backed the submitting.
The assertion stated Volkswagen had rejected the proposal on the grounds that the problem was deemed to be past the competence of the overall assembly.
Volkswagen was not instantly accessible for remark.
Different supporters of the proposal included Britain’s largest listed asset supervisor Schroders and a spread of Swedish pension funds.
Stress by buyers on climate-related points is rising quickly.
Final week, 34 buyers managing greater than $7 trillion in belongings warned 17 of Europe’s largest firms, together with Volkswagen, they might problem board administrators over their accounting of local weather dangers.
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