(Reuters) -Two of the UK’s largest pension schemes will vote against the renewal of top directors at BP Plc and Shell Plc at their annual meetings unless both companies strengthen commitments to tackling carbon emissions, the Financial Times reported on Sunday.
The plan by Britain’s Universities Superannuation Scheme (USS) and Borders to Coast, which together oversee 130 billion pounds ($156.36 billion) in assets, was part of efforts to push oil companies and banks to make faster progress on climate change pledges, the report added.
“Our new stewardship and voting policy will see us vote more personally against responsible directors where possible,” USS said in a statement to Reuters.
As a long term investor, “we’ll do this where a company hasn’t disclosed its climate transition plan, doesn’t meet our diversity expectations, or where executive pay doesn’t align with company performance,” it added.
Shell declined to comment, while BP and Borders to Coast did not respond immediately to requests for comment.
In February, BP said it aimed to cut emissions from fuels sold to customers by 20% to 30% by 2030, less than an earlier target of a 35% to 40% reduction, and it planned to reduce its total emissions to net zero by 2050.
Shell has pledged to be a net zero carbon company by 2050 and has said its overall carbon emissions peaked in 2018 at around 1.7 billion tonnes.
($1 = 0.8314 pounds)
(Reporting by Mrinmay Dey in Bengaluru, Additional reporting by Baranjot Kaur; Editing by Jamie Freed)
