“Say on Climate” initiative by a billionaire British hedge-fund manager is facing rejections from U.S corporations and money managers, according to the Wall Street Journal. The campaign by Chris Hohn aims to make large public companies set near-term targets for carbon-emission cuts
Hohn’s “Say on Climate” initiative has already been signed by more than a dozen companies in Europe, Canada, and Australia.
The drive also aims to make companies’ emission targets subject to annual shareholder votes
U.S cable provider Charter Communications Inc., and railroad operator Union Pacific Corp. have opposed Mr. Hohn’s proposal.
Some large U.S fund managers have criticized the climate initiative proposals
State Street Corp. doesn’t think companies with strong environmental track records should have their carbon-emission plans subject to shareholder votes,
Following criticism, Say on Climate will shift its approach in the U.S, only recommending votes to disapprove of a company’s emission plan if a shareholder finds it deficient.
The climate campaign will continue to seek mandatory emissions disclosure and plans in all cases.
Hohn launched the Say on Climate Initiative in late 2020, using his firm TCI Fund Management Ltd and a network of NGOs.