NEW YORK COMMUNITY BANCORP, INC. | Report on corporate lobbying in line with Paris agreement at NEW YORK COMMUNITY BANCORP, INC.

94.96% votes in favour
AGM date
Previous AGM date
Proposal number
Resolution details
Company ticker
Resolution ask
Conduct due diligence, audit or risk/impact assessment
ESG theme
  • Environment
ESG sub-theme
  • Lobbying / political engagement
Type of vote
Shareholder proposal
Filer type
Company sector
Company HQ country
United States
Resolved clause
RESOLVED: Shareholders request that the Board of Directors conduct an evaluation and issue a report (at reasonable cost, omitting
confidential or proprietary information) describing if, and how, NYCB’s lobbying and policy influence activities (both direct and indirect through trade
associations, coalitions, alliances, and other organizations) align with the goal of the Paris Agreement to limit average global warming to “well below” 2°C
above pre-industrial levels, and to pursue efforts to limit temperature increase to 1.5°C, and how NYCB plans to mitigate the risks presented by any
misalignment. In evaluating the degree of alignment, NYCB should consider not only its policy positions and those of organizations of which the company
is a member, but also the actual lobbying and policy influence activities.
Whereas clause
WHEREAS: United Nations Climate Change asserts that greenhouse gas emissions must decline by 45 percent from 2010 levels by 2030 to
limit global warming to 1.5 degrees Celsius. If that goal is not met, even more rapid reductions, at greater cost, will be required to compensate for the slow
start on the path to global net zero emissions.2
Even with the recent passage of the Inflation Reduction Act, critical gaps remain between Nationally Determined Contributions set by the US
government and the actions required to prevent the worst effects of climate change. Domestically and internationally, companies have an important and
constructive role to play in enabling policymakers to close these gaps.
Corporate lobbying inconsistent with the Paris Agreement presents increasingly material risks to companies and their shareholders. Delays in
emissions reductions undermine political stability, damage infrastructure, impair access to finance and insurance, and exacerbate health risks and costs.
Further, companies face increasing reputational risks from consumers, investors, and other stakeholders if they appear to obstruct effective climate policy.
Particularly concerning are trade associations and other politically active organizations that say they speak for business but often present
obstacles to addressing the climate crisis. Many of New York Community Bancorp’s (NYCB) banking peers, including Truist3, PNC4 and Fifth Third5 have
disclosed trade association relationships.
NYCB originates multi-family and affordable housing loans. Lower-income communities are often more susceptible to the risks of climate
change, and NYCB has taken steps to create climate resiliency for its vulnerable tenants (e.g., cost-effective solar panels) to protect its stakeholders6,
and the Bank’s political engagement activities should align with its climate ambition
Supporting statement
SUPPORTING STATEMENT: In evaluating the degree of alignment between the Paris Agreement goals and the Company’s lobbying, the
proponents recommend the Company include in its analysis its direct and indirect policy positions and lobbying actions, such as comment submissions,
regarding climate provisions of key international, federal, and state legislation and regulation.
The proponents believe this request is generally consistent with the investor expectations described in the Global Standard on Responsible
Climate Lobbying, and that this Standard is a useful resource for implementation.7

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