2025 Proxy Voting for Climate
The 2020s are a critical decade for climate action. Pathways to limit warming to 1.5°C and 2°C are technically within reach, but they involve immediate, rapid, and deep greenhouse gas (GHG) emissions reductions in all sectors. While climate change and its mitigation implicate every sector of the economy, the subset of large companies where fossil fuel production and consumption are central to their core business has outsized climate impact.
When companies fail to transform operations and business models in line with the aims of the Paris Agreement, responsible shareholders must use their most powerful tool—proxy voting on corporate board elections—to hold directors accountable. To help investors exercise this power, Majority Action evaluates the climate disclosures of industry laggards in the energy, utilities, and financial services sectors against widely accepted benchmarks and issues company-specific vote guidance against directors and board leadership responsible for climate oversight at corporations that have failed in the critical areas of target setting, capital expenditure alignment, and policy engagement alignment.
Electric & Utilities
Coming soon…
Oil & Gas
Coming soon…
Banks
| Company | Medium-term oil & gas target setting: Sector specific oil & gas emissions target in terms of absolute emissions |
Fossil fuel exclusion policies: Unconventional fossil fuels (Arctic oil & gas, coal mining, coal power) |
Recommended Action |
|---|---|---|---|
| Bank of America | Partial (emissions intensity only) | No exclusions | Vote against director(s):
|
| Wells Fargo | No medium-term targets | Partial (project restrictions, partial corporate) | Vote against director(s):
|
| Goldman Sachs | Partial (emissions intensity only) | Partial (project restrictions) | Engagement:
|
| JPMorgan Chase | Partial (emissions intensity only) | Partial (project restrictions, partial corporate) | Engagement:
|
| Morgan Stanley | Partial (emissions intensity only) | Partial (project restrictions, partial corporate) | Engagement:
|
| Citi | Yes (absolute targets) | Partial (project restrictions, partial corporate) | No recommended action |
Insurance
Coming soon…