Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Volkswagen rejects shareholder push for climate lobbying disclosures

Stock Markets Apr 09, 2022 08:35AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels, Belgium July 9, 2020. REUTERS/Francois Lenoir/File Photo

BERLIN (Reuters) - Volkswagen (DE:VOWG_p) has rejected a shareholder proposal for it to explain how its lobbying activities align with its climate goals - something two of the carmaker's leading competitors have already promised to do, one of the investors said on Friday.

A filing by a group of seven shareholders said that while Volkswagen does disclose its trade association memberships, it should go further and say whether the associations' aims are compatible with its emissions-cutting targets.

Fellow carmakers Mercedes-Benz and BMW have already committed to doing that.

"The Board is failing to deliver transparent oversight of the company's climate lobbying," said Charlotta Sydstrand, sustainability strategist at Swedish pension scheme AP7, one of the shareholders involved in the proposal.

Her comments were included in a statement issued by the Church of England Pensions group, which also backed the filing.

The statement said Volkswagen had rejected the proposal on the grounds that the issue was deemed to be beyond the competence of the general meeting.

Volkswagen was not immediately available for comment.

Other supporters of the proposal included Britain's biggest listed asset manager Schroders (LON:SDR) and a range of Swedish pension funds.

Pressure by investors on climate-related issues is growing rapidly.

Last week, 34 investors managing more than $7 trillion in assets warned 17 of Europe's largest companies, including Volkswagen, they could challenge board directors over their accounting of climate risks.

Volkswagen rejects shareholder push for climate lobbying disclosures
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Abdi Qadir Dhaye
Abdi Qadir Dhaye Apr 09, 2022 12:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
$",^&***(
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email