Allow a vote on your climate plan, local govt pensions tell UK companies

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Smoke rises above a factory at sunset in Rugby, Britain February 10, 2021. REUTERS/Matthew Childs/File Photo

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LONDON, Oct 7 (Reuters) - Britain's local government pension schemes, hedge fund TCI and asset manager Sarasin have told UK listed companies to allow shareholders a vote on their climate transition action plans, the Local Authority Pension Fund Forum said on Thursday.

Companies should put a resolution outlining their disclosure of greenhouse gas emissions and a reduction plan on the agenda of their 2022 annual general meeting, the three groups said in a letter to company chairs.

"The number of plans that fail to meet the goals of the Paris Agreement is alarming," said Doug McMurdo, LAPFF Chair, referring to the global agreement to cap emissions and limit global warming.

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"Covid is a dress rehearsal for climate change; we must learn and take meaningful action much more quickly on both fronts," he added, referring to the impact of the global pandemic.

The push for a vote follows the launch of a 'Say on Climate' campaign by TCI founder Chris Hohn last year and similar votes in this year's AGM season, at companies including Shell (RDSa.L) and Unilever (ULVR.L).

Investors managing $14 trillion in assets called for such a vote globally earlier this year. read more

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Reporting by Carolyn Cohn; editing by Simon Jessop

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