DANSKE BANK A/S | Streamline climate policy and approach to fossil fuel companies

Status
AGM passed
AGM date
Previous AGM date
Proposal number
12
Resolution details
Company ticker
DANSKE.CO
Lead filer
-
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Denmark
Resolved clause
The general meeting calls on Danske Bank to streamline its
climate policy and approach to fossil fuel companies across the
Danske Bank group. To achieve a more consistent fossil fuel
position, Danske Bank should exclude credit bonds in oil and
gas exploration- and production companies, that contrary to the
International Energy Agency’s Net Zero Scenario, expand their
fossil fuel production.
Supporting statement
Motivation:
The general meeting favours a more consistent climate policy
on fossil fuel companies across the Danske Bank group. In
2023, Danske Bank decided to stop new loans, refinancing,
and underwriting of oil and gas exploration and production
companies that are expanding their fossil fuel production.
However, the policy does not prevent Danske Bank from buying
up credit bonds in the exact same companies. In practice,
Danske Bank’s asset management invests in credit bonds,
the bank is prevented from underwriting due to its policy. As a
result, the bank counteracts its own climate policy, and appears
unreliable and inconsistent in the public.

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