2023-04-26 19:41:36
It was to be an unprecedented general meeting, a test to measure the influence of certain investors on Engie’s climate strategy. It is not completely successful, but, according to the promoters of greater transparency on environmental issues, the experience will have been conclusive.
On Wednesday April 26, the majority of investors rejected by more than 75% the resolution tabled a few weeks earlier by sixteen shareholders (1.9% of the capital), which aimed to include in the company’s articles of association a vote every three years. on the group’s climate plan, and another vote every year on the progress of its implementation. But this rejection is however less strong than expected if we exclude the vote of the State Participation Agency (APE) representing 23% of the capital of Engie, and 33% of the voting rights. The state shareholder had aligned itself with the recommendations of the board of directors of Engie, which had called for a vote against.
“If we withdraw the APE, we can consider that nearly 30% of private shareholders supported this resolution”responded Antoine Laurent, advocacy manager at the NGO Reclaim Finance. “It’s a good signal. This shows that investors are in favor of a generalization of the “Say on Climate” [vote consultatif des actionnaires sur la stratégie climat] », he adds.
“Continue the dialogue”
“The rate is much higher than expected, and the abstention rate is also to be taken into account in the calculation. In short, the proportion of shareholders (excluding majority shareholders) who supported or who abstained is significant.adds Luisa Florez, director of research in responsible finance at OFI Invest Asset Management, an asset manager who participated in the filing of the resolution. “One day, probably not so far away, this type of resolution will go all the way”according to her. “The threshold is such that the board of directors will not be able to disregard shareholder requests”adds Bertille Knuckey, head of shareholder engagement and socially responsible investment manager at Sycomore Asset Management.
This application “has gained the support of a number of our shareholders, and so this is something the board will take into account in its reflections on how to continue the dialogue on these climate topics”, agreed Jean-Pierre Clamadieu, chairman of the board of directors of Engie. In the immediate future, the fact that there is an advisory vote each year seems to him “premature”he insisted, given the complexity of the “references used” in terms of carbon footprint.
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