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Volkswagen rejects shareholder push for climate lobbying disclosures -Breaking

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© Reuters. FILEPHOTO: A rim cap with the logo of Volkswagen, the German carmaker is displayed in a Volkswagen dealership in Brussels on July 9, 2020. REUTERS/Francois Lenoir/File Photo

BERLIN (Reuters), – Volkswagen (DE) rejected a shareholder request for it to show how its lobbying activities are aligned with its climate goals – something that two of its major competitors have previously promised, according to one investor.

Seven shareholders filed a statement stating that Volkswagen discloses its membership in trade associations, but should also state whether their goals are compatible with the company’s emissions reduction targets.

Mercedes-Benz and BMW, which are also carmakers, have committed to do so.

Charlotta Sydstrand (sustainable strategist, Swedish pension system AP7), said that the Board was failing to provide transparent oversight over the company’s climate lobbying. She is one of the proposed shareholders.

The Church of England Pensions group included her comments in its statement, which was also supported by the filing.

Volkswagen said it rejected the offer because the matter was not within the purview of the general assembly.

Volkswagen did not respond immediately to our request for comment.

The proposal was also supported by Britain’s largest listed asset manager Schroders (LON) and various Swedish pension funds.

Investor pressure on climate-related matters is increasing rapidly.

Over $7 trillion of assets was managed by 34 investors last week. They warned 17 European giants, such as Volkswagen, that they might challenge their board members over climate risk accounting.

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