JP MORGAN CHASE & CO. | Director votes - climate oversight at JP MORGAN CHASE & CO.

Status
Voted
AGM date
Previous AGM date
Proposal number
1
Resolution details
Company ticker
JPM
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Director vote
Filer type
Management
Company sector
Financials
Company HQ country
United States
Supporting materials
Whereas clause
For failure to provide adequate oversight and transparency, votes are warranted against the following members of Chase’s Public Responsibility and Risk Committees for failure to align the bank’s strategies with 1.5°C pathways:
Linda Bammann,
James Crown,
Alex Gorsky,
Mellody Hobson, and
Michael Neal.
Supporting statement
Climate votes initiative by the Sunrise Project investor brief on director votes (see page 9): In cases where directors fail to transform business practices in line with 1.5°C pathways, votes against board directors are warranted. Banks that have failed to adopt policies necessary to align lending and underwriting with 1.5°C scenarios have directors who are ill-equipped to lead companies along necessary decarbonization pathways. At such companies, investors are encouraged to vote against directors responsible for climate oversight. https://climate-votes.org/wp-content/uploads/2023/03/CV_Investor_Brief23-V3.pdf

Chase has unacceptably high exposure to climate risk. Chase continues to be the largest global financier of fossil fuel expansionists, does not contribute its fair share toward financing climate solutions, and does not disclose adequate information on climate risk or associated business strategies to investors. This position comes despite publicly committing to both net-zero alignment and to financing climate solutions, and growing regulatory pressure. https://climate-votes.org/wp-content/uploads/2023/03/JPMorgan-Chase.pdf

Majority Action: Majority Action is recommending investors vote against directors responsible for climate oversight, including board leadership, for failure to set adequate net zero targets reducing greenhouse gas emissions, fully realign investment plans to limit warming to 1.5°C, and/or ensure alignment of policy influence activities with 1.5°C pathways
https://www.proxyvoting.majorityaction.us/

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