A petition from the Les acteurs de la Finance Responsable association proposes a new SRI labeling committee and, in particular, its president to consider excluding fossil fuels from the label.
(Boursier.com) – The general meeting season is in full swing in Paris, and on the side of oil companies tensions are rising: indeed, TotalEnergies refused to register agenda, next May 25, climate resolution issued by the coalition which is 0.78% of the stake. The decision aims to require the company to provide its management’s annual report with a detailed low-carbon strategy and all the figures needed to evaluate it by shareholders.
The argument is that this decision “contradicts the legal rules of division of powers between the company’s bodies.” Following this decision of the issuer, the coalition of investors requests the intervention of AMF …
This refusal emphasizes the limits of the practice of involving shareholders, investors TotalEnergies encourage “to express (…) in the form of written or oral questions”, but not being able to make a decision, which, however, should allow them to play their role: support the company in pursue your long-term profitable growth goals.
At the same time, petitionresulting from the association Financial actors Responsiblesigned by more than 500 financial experts, asks the new SRI Labeling Committee and, in particular, its president, Ms. Michelle Pappalardo, to consider excluding fossil fuels from the label.
The arguments put forward by professionals are, of course, related to the limits of involvement of shareholders, but also risking losing trust in the label in relation to other European labels and savers.
In fact, as shown by the barometer CPR AM 2021: Savers and Responsible Investment (SRI)combating climate change is a priority almost for one of the two savers. At the same time, skepticism about the SRI label seems to have risen sharply this year (51% vs. 40% the previous year) and is therefore becoming the majority, according to savers. The label must respond and meet the expectations of consumers and professionals if it wants to continue to seduce.
In addition, for the sake of openness and to encourage the transition of companies involved in the fossil fuel value chain, signatories invite SRI Label to consider the path of green bonds, which will identify and target investments, green and sustainable activities.
Actors Responsible Finance (AFR) is an association law from 1901, founded in May 2020, which aims to bring together a community of experts in responsible finance and contribute to the development of best practices on key issues in France and responsible international financial organizations. .
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