The emblem of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen automobile seller in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photograph
BERLIN, April 9 (Reuters) – Volkswagen (VOWG_p.DE) has rejected a shareholder proposal for it to clarify how its lobbying actions align with its local weather targets – one thing two of the carmaker’s main opponents have already promised to do, one of many traders mentioned on Friday.
A submitting by a bunch of seven shareholders mentioned that whereas Volkswagen does disclose its commerce affiliation memberships, it ought to go additional and say whether or not the associations’ goals are appropriate with its emissions-cutting targets.
Fellow carmakers Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) have already dedicated to doing that.
“The Board is failing to ship clear oversight of the corporate’s local weather lobbying,” mentioned Charlotta Sydstrand, sustainability strategist at Swedish pension scheme AP7, one of many shareholders concerned within the proposal.
Her feedback have been included in an announcement issued by the Church of England Pensions group, which additionally backed the submitting.
The assertion mentioned Volkswagen had rejected the proposal on the grounds that the problem was deemed to be past the competence of the overall assembly.
Volkswagen was not instantly obtainable for remark.
Different supporters of the proposal included Britain’s largest listed asset supervisor Schroders and a spread of Swedish pension funds.
Strain by traders on climate-related points is rising quickly.
Final week, 34 traders managing greater than $7 trillion in property warned 17 of Europe’s largest firms, together with Volkswagen, they might problem board administrators over their accounting of local weather dangers. learn extra
Reporting by Victoria Waldersee and Simon Jessop
Enhancing by Helen Popper
: .
