AP7 puts pressure on German car industry and fossil fuel companies in Australia
6 April 2022
AP7 has submitted shareholder proposals in the Australian fossil fuel companies Woodside and Santos as well as in German Volkswagen. Common to the proposals is demands for increased transparency around the companies’ climate lobbying taking place in line with the Paris Agreement.
Proposed
changes to Volkswagen’s articles of association AP7, together with the Church of England Pensions Board and five other investors, has proposed changes to Volkswagen’s articles of association to ensure that their sustainability reporting in the future also includes that their lobbying does not run counter to climate goals. In addition to AP7 and the Church of England Pensions Board, which has had a dialogue with Volkswagen on the issue of climate lobbying since 2018, AP2, AP3, AP4, Danish AkademikerPension and British asset manager Schroders have also signed the shareholders’ proposal for increased transparency regarding the company’s climate lobbying.
“Climate lobbying that counteracts climate goals can only be limited if companies become transparent about their lobbying. It is therefore important that Volkswagen catch up with other German companies, such as Bayer, BMW, E.ON and Mercedes-Benz, and make it clear that their climate lobbying is in line with the Paris Agreement. As a long-term owner , our hope is because VW realizes the value of it itself, but we see it necessary to clarify this by adding a motion to the Annual General Meeting “, says Emma Henningsson, Responsible for active ownership at AP7.
Several German listed companies have either published or undertaken to publish a review of their climate lobbying. Volkswagen, Siemens and Uniper, on the other hand, have not yet made commitments unlike companies such as BASF, RWE, HeidelbergCement, Bayer and E.ON. Last in line are Mercedes-Benz and BMW , which in March and April 2022 made commitments to report their climate lobbying.
AP7 participates in shareholder proposals for Australian Woodside and Santos
AP7 has also submitted a resolution to the Australian gas and oil companies Woodside and Santos. The expectations of the companies are that their political influence does not counteract the Paris Agreement and that they stop lobbying for the development of new oil and gas. An analysis carried out by InfluenceMap shows that both companies continue to be committed to counteracting climate goals.
Source: AP7
