The $1tn fund voted against a motion calling on BNP Paribas to adopt tougher climate targets at the oil company’s annual meeting on 22 May, despite encouraging other companies in which it invests to adopt similar measures. Investors with $10.4tn of assets under management, including Shell and HSBC, had urged BNP Paribas to adopt targets allied with the Paris Climate Agreement. The motion was rejected by 95% of investors. A spokesman for the fund, which had a 2.19% stake in BNP Paribas worth approximately $6bn at the end of 2017, said companies were best able to set their own targets.
The $1tn fund voted against a motion calling on Shell to adopt tougher climate targets at the oil company’s annual meeting on 22 May, despite encouraging other companies in which it invests to adopt similar measures. Investors with $10.4tn of assets under management, including BNP Paribas and HSBC, had urged Shell to adopt targets allied with the Paris Climate Agreement. The motion was rejected by 95% of investors. A spokesman for the fund, which had a 2.19% stake in Shell worth approximately $6bn at the end of 2017, said companies were best able to set their own targets.