CEO DATELINE - European pension funds want association lobbying to reflect climate change concerns
CEO DATELINE - European pension funds want association lobbying to reflect climate change concerns
- October 31, 2018 |
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Walt Williams
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A group of European pension funds wants corporations to review whether the lobbying activities of their trade associations align with each company's stated policies about combating climate change, the news site Pensions & Investments reported Tuesday.
The request was sent to 55 companies identified as large emitters of greenhouse gases and comes from funds with a combined $2 trillion in assets, according to the news site. The Church of England Pensions Board and Swedish pension fund AP7 are leading the effort.
No U.S. pension funds are involved but the effort is similar to calls for U.S.-based pensions to divest from fossil fuels. In addition, some investors have asked publicly traded corporations to be more transparent about their contributions to business groups—a proposal vigorously opposed by the U.S. Chamber of Commerce, Business Roundtable and others.
The European funds are asking each corporation to review its relationships with associations and other advocacy organizations to make sure those lobbying activities don't conflict with its formal policy positions regarding the Paris Agreement, in which nearly 200 countries pledged to lower greenhouse gas emissions. (President Donald Trump pulled the U.S. out of the agreement last year.)
"We would ask you to review the lobbying positions being adopted by the organizations of which you are a member," the funds said in a letter sent to the chair of each company. "If these lobbying positions are inconsistent with the goals of the Paris Agreement, we would encourage you to ensure they adopt positions which are in line with these goals."
The letter also said lobbying practices inconstituent with the Paris Agreement present reputational and legal risks to investors, Pensions & Investments reported. http://bit.ly/2AD7QZQ
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