NEW YORK/BOSTON, April 26 (Reuters) – Shareholder proposals asking banks to take stronger action on climate change by ending new fossil fuel financing activities failed to get much support at investor meetings on Tuesday.
Investors at Citigroup (C.N) and Bank of America (BAC.N) gave little backing to proposals essentially asking the banks to stop financing new fossil fuel supplies, with less than 13% of shares at Citi and less than 11% of shares at Bank of America cast in support of the proposals, according to preliminary tallies given by bank leaders.
Wells Fargo & Co (WFC.N) investors gave less than 11% support to a similar proposal asking the bank adopt a similar policy by the end of 2022.
