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In 2015 and 2016, shareholder resolutions were tabled at eight oil, gas and mining companies asking for better disclosure on their resilience to the risks associated with climate change. But there was a stark discrepancy in the AGM voting. Many investors - the so-called "Missing 60%" voted in opposite directions on the same subject matter at different companies’ AGMs.
Many UK pension funds are not currently doing enough to control how and when their shares are voted. This report provides legal guidelines to enable fund trustees to exert more influence over how their shares are voted - particularly on climate resolutions - to prevent scenarios like the "Missing 60%" recurring.