U.S. BANKS SEEK SEC HELP TO BLOCK CLIMATE, SOCIAL SHAREHOLDER PROPOSALS
Major U.S. banks sought help from the Securities and Exchange Commission to exclude shareholder proposals addressing climate and social issues. Despite banks’ claims that such proposals interfere with ordinary business operations or have been substantially implemented, the SEC upheld the need for shareholder votes. The SEC recently ruled that banks cannot exclude ESG proposals from annual corporate proxy ballots without justification and appealing via the “no action” rule.
YES! PRESENTS PROGRESS 2025
You’ve heard about Project 2025 and its intent to decimate civil and human rights. YES! Magazine responded to Project 2025 by launching Progress 2025, intended to be a hub for the big ideas—and grassroots methods—that offers a hopeful, collective vision that counters toxic individualism and authoritarianism.
DON’T CALL IT ESG, CALL IT RESILIENCE
In response to political pressure and economic upheaval, a new catchword is emerging in the investment world: Resilience. Industry leaders and organizations are starting to frame investments in renewables and climate adaptation technologies under this buzzword, highlighting its link to economic stability in the face of extreme weather events.
U.S. ASSET OWNERS, MANAGERS TO CHANGE MESSAGING BUT STAY THE COURSE WITH SUSTAINABLE INVESTING
Most asset owners that have embraced sustainable investing plan to continue doing so, although political pressure has deterred some, according to a survey by Cerulli Associates released in February. Political opposition, particularly at state levels, has led some to adjust messaging around ESG strategies or cautiously review their policies. However, most major asset owners continue to prioritize financial returns while subtly integrating ESG considerations to manage long-term risks and opportunities.
JPMORGAN LEAVES NET ZERO BANKING GROUP, COMPLETING DEPARTURE OF MAJOR U.S. BANKS
JPMorgan Chase recently announced its departure from the Net-Zero Banking Alliance (NZBA), following similar exits by major U.S. banks like Citi, Bank of America, and Goldman Sachs amid escalating political pressure from anti-ESG campaigns. The only remaining U.S. banks listed on the NZBA website are Amalgamated Bank, Areti Bank, and Climate First Bank.