NatWest Group | Chair election

Status
Filed
AGM date
Resolution details
Company ticker
NWG
Submitted by
ShareAction
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Climate adaptation
  • Climate change
  • Fossil fuel financing
  • GHG targets / emissions
  • Net Zero / Paris aligned
Type of vote
Director vote
Filer type
Management
Company sector
Financials
Company HQ country
United Kingdom
Supporting materials
  • Director-Voting-Research-Note-NatWest-Group.pdf Download
Supporting statement
Re-election of Rick Haythornthwaite as chair…………… AGAINST
NatWest Group has abandoned some of the most material elements of its oil & gas restrictions and failed to
provide adequate transparency while revising its climate targets. The changes made by the bank to its risk
acceptance criteria for oil & gas clients removes constraints on the largest fossil fuel companies and gives the bank
more freedom to support businesses pursuing oil & gas outside the UK. While the pros and cons of changes to the
bank’s targets are more nuanced, these are no substitute for robust redlines on fossil fuel development. Further
support for the oil & gas sector could elevate the bank’s exposure to transition risk and accelerate climate impacts
on UK households—the core of NatWest Group’s business. These changes to the bank’s positioning signal a
governance failure at board level. The chair has a responsibility to ensure the board diligently exercises oversight
of climate risks in order to safeguard long-term shareholder value. We therefore recommend a vote against Mr
Haythornthwaite’s re-election at the bank’s forthcoming AGM to restore confidence in both the board’s oversight
of climate risk and in NatWest Group’s transition strategy.

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