Fifth of Barclays shareholders reject climate strategy

Nearly 20 per cent of Barclays shareholders have voted against its climate strategy for 2022.

The bank said that while it notes that a fifth of investors rejected its climate targets, there has been “extensive engagement” with stakeholders around the issue over the past year.

“We are aware of a spectrum of views across the share register, but we are pleased the majority of shareholders have supported the resolution and we will continue to engage around this issue and look forward to providing an update on green financing later in the year,” it said in a statement.

On Wednesday, activists gathered outside Barclays’ AGM to protest its funding of fossil fuels.

The backlash marks another blow for the bank, which last month announced a profit decline of £300 million for the first quarter of the year.

It told investors it was suspending its share buyback programme with the intention to relaunch “as soon as practicable”.

The delay to the programme comes as the British financial institution reports litigation and conduct charges of £0.5 billion relating to the “over-issuance of securities” by the bank in the US and customer remediation costs relating to a legacy loan portfolio.

It warned that the “ongoing geopolitical situation could put further pressure on already high levels of inflation” and “weigh on corporate profitability and consumer affordability levels”.

The bank added that with Covid-19 infection rates increasing around the world, labour shortages and supply chain constraints could be exacerbated.
FStech has approached Barclays for further comment.

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.