By Susanna Rust2021-03-16T14:23:00+00:00
Nestlé is to give shareholders a vote on its climate strategy at its upcoming annual general meeting (AGM), prompting Ethos Foundation, a Swiss pension fund-backed organisation, to withdraw a shareholder resolution requesting such a move.
The shareholder resolution had been jointly submitted by seven Swiss pension funds. In December, Ethos had written to the board of directors to encourage the company to offer an advisory vote on their climate change-related plans.
In a statement, Ethos said it welcomed Nestlé’s decision, “which is based on numerous discussions between the company’s board of directors and Ethos”. However, it expected the “say on climate” practice to be permanent, and for Nestlé to submit to the AGM each year a specific report outlining the progress it had made towards achieving climate neutrality.