US public pension giants CalPERS and the Office of New York City Comptroller have abstained from one of the first ‘Say on Climate’ votes to be put to shareholders, at French construction giant Vinci.
CalPERS runs $444bn on behalf of public employees in California, while the New York City Comptroller oversees five public pension funds. Their abstentions come less than a week after representatives of each fund raised deep concerns about the ‘Say on Climate’ campaign, which seeks to secure annual advisory votes for shareholders on corporate decarbonisation plans.
Speaking on a webinar hosted by US proxy giant Glass Lewis last week, the pair warned that such votes could unintentionally take the heat off directors and result in the ‘rubber stamping’ of insufficient climate plans.
Despite the abstentions, yesterday’s advisory vote at Vinci passed with near unanimous approval (98.14%). BlackRock, the world’s la