International savings and investments business M&G plc announced today that it will bring its climate action plans to shareholders for a vote through the introduction of a ‘Say on Climate’ resolution at its AGM in 2022.
In announcing this new initiative, M&G is joining a growing list of companies, such as S&P Global and Moody’s, in adding a level of transparency and accountability on their climate strategies by presenting them to shareholders.
M&G’s climate commitments include targets to reduce carbon emissions from operations to net zero by 2030, as well as to achieve net zero across its internal and external investment portfolios by 2050. Earlier this month, the company announced plans to exit thermal coal investments, with targets to end all investment in new coal mines and coal-fired plants and to exclude public companies which cannot commit to a complete phase out of coal by 2030 in developed countries and 2040 in emerging markets.
In its recently released annual report, M&G also revealed that its Long-Term Incentive Plan (LTIP) now includes a measure aligned with its 2030 net zero commitment.
Fiona Clutterbuck, interim Chair of M&G plc, said:
“We believe that sustainably run businesses deliver stronger and more resilient long term returns for investors. As a major investor, we are asking companies to allow their shareholders to vote on their plans to be transparent about how business is addressing the climate emergency; we look forward to discussing our own climate transition plans with our shareholders.”