Mining giant BHP saw the most substantial shareholder opposition to a ‘Say on Climate’ vote to date yesterday, with a reported 17% of investors voting against its recently-unveiled Climate Transition Action Plan at its London annual general meeting.
While the result is not final - the dual-listed company will put the same plan to shareholders in the Australian side of its business next month - it signals a shift in investor sentiment over ‘Say on Climate’ votes.
BHP is one of the growing number of firms to offer shareholders an advisory vote on their climate transition plans, following a high-profile initiative launched by Sir Chris Hohn and his UK hedge fund The Children’s Investment Fund (TCI) last year.
Figures from proxy firm ISS show that 13 EU companies proposed say-on-climate votes in 2021, compared to 0 in the previous year. To date, most of those votes have received near unanimous approval from shareholders. Recent research …