APG refuses to make good use of its power as a major shareholder in oil and gas companies. Research by Fossielvrij NL reveals that the asset manager of the largest pension fund of the Netherlands (ABP) seldom votes in favour of climate resolutions. This invalidates ABP’s argument against the fossil free movement: “we are not divesting in order to continue to exercise our power.”
“The lack of consequences, with not even a simple vote cast for climate policy, makes APG’s dialogue with companies (“engagement” in jargon) non-committal and toothless. APG can much better divest,” says Liset Meddens of Fossielvrij NL. “In particular, APG’s consistent defence of Shell’s wholly inadequate climate policy is an obstacle for the energy transition.”
APG has taken this position with companies other than Shell as well. APG’s decision on 11 out of 14 (79%) climate resolutions asking oil companies for emission reductions was to vote against or abstain. A majority of the Netherlands’ largest investors voted in favour.
Note for the press, not for publication:
Contact: Liset@fossielvrij.nl, 06 4127 7905
The research with the discussion paper can be downloaded here