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‘Voting for these resolutions is about the lowest bar you can have’
The New York City Comptroller Brad Lander warned asset managers Tuesday that failing to support climate shareholder resolutions could result in New York City pulling its funds, the latest salvo in an ongoing battle over climate investing practices.
Lander filed shareholder resolutions with Bank of America, JPMorgan Chase, Goldman Sachs and Royal Bank of Canada calling for the banks to establish specific plans to carry out “net zero” investment strategies, according to a press release Tuesday. If asset managers such as BlackRock — the world’s largest and a major proponent of environmental, social and corporate governance (ESG) investment strategies — that own stake in these banks fail to vote in favor, the NYC Comptroller might pull billions in assets from their control, Semafor reported.
“Voting for these resolutions is about the lowest bar you can have,” Lander told Semafor. “We’re only going to be able to hit our net zero targets if our asset managers raise the bar. We will, therefore, begin to look at our manager selection through the lens of our commitments.”
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