U.S. firms have rejected billionaire hedge-fund manager Chris Hohn’s campaign to make public companies set near-term targets for carbon-emission cuts, according to a report by The Wall Street Journal.
- U.S. cable provider Charter Communications Inc., railroad operator Union Pacific Corp., and money manager State Street Corp. opposed the campaign to subject emission targets to annual shareholder votes.
- Hohn’s “Say on Climate” initiative mandates companies to annually disclose greenhouse gas emissions and emission reduction plans for shareholders to approve or reject in nonbinding votes.
- Many on Wall Street see the plan as a test of how corporations and asset managers fulfill their public commitments to address climate change.
- Over a dozen firms in Europe, Canada, and Australia have signed onto the initiative. Among them are Royal Dutch Shell PLC and BP PLC. The world’s largest asset manager Blackrock Inc. has pushed for using proxy votes to address climate change.