Vanguard’s patience with companies on climate action is “running short” and it expects to “be very intentional about voting” on the subject this year, the firm’s Head of Investment Stewardship for EMEA, Lisa Harlow, has told RI.
Last year, Vanguard supported a groundbreaking ‘Say on Climate’ proposal filed at Spanish airport infrastructure firm Aena by activist investor and hedge fund billionaire Sir Chris Hohn.
“We met with the Aena board to discuss the vote and their thoughts on climate,” said Harlow. “And quite candidly, we weren’t comfortable that they were where they needed to be on this topic, so we took the decision to support the shareholder proposal and were pleased to see it got 98% support and ultimately management adopted it.”
But, more broadly, Vanguard has been in the spotlight for its low support for climate-related proposals compared to its peers. In a recent report, ShareAction found that Vanguard supported just 15% of c…