Shareholders May Revolt if Bank Chairs Weaken Climate Commitments in 2024
February 8, 2026
Major banks could face shareholder revolts if they weaken their climate commitments this year. ShareAction, a responsible investment campaign group, will release detailed reports soon. These reports will show if 34 of the world's largest lenders keep their climate promises or backtrack. The UK’s biggest banks, including NatWest, Lloyds, HSBC, and Barclays, will be watched closely as they release their annual reports by February's end. ShareAction will ask big shareholders to vote against re-electing any chairperson who allows climate goal rollbacks. Shareholder meetings where these votes happen will start this spring. Kelly Shields, ShareAction’s senior campaign manager, said the move won't likely boot any boss out but will send a strong personal message to them. She explained, "These directors are getting nodded through with 98-99% of the vote. Even a small amount knocked off of that can send quite a strong signal." The campaign aims to slow down the trend of climate backtracking and warn the whole financial world that this has consequences. This comes as banks face new pressure after Donald Trump returned to the White House. His anti-green push has encouraged fossil fuel production and made banks more likely to fund oil and gas firms. This led some banks like JP Morgan, Citigroup, Goldman Sachs, Barclays, and HSBC to leave the UN net zero banking alliance. HSBC also delayed key climate goals by 20 years and softened targets in its CEO’s new bonus plan. Shields said, "We really want banks to reassess this and do what’s needed to make sure that we’ve got long-term financial stability and are prioritising people and planet."
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Climate Commitments
Banks
Shareaction
Shareholder Vote
Net zero
Environmental Policies
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