Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Oil & Gas
Company Year Market Link
National Fuel Gas Company 2020 N/A https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-national-fuel-gas-mar-2020.pdf

We engaged with the company both prior to, and after the vote, to set out our expectations for future reporting and action on climate risk, as well as to explain our voting decision. We encouraged the company to work quickly to bring its climate oversight and reporting in line with peers and best practice.
Given the significant material climate risks for the company, including; operational risks (including the need to set emissions reduction targets); the potential for decreased demand for the company’s products over time; and physical, reputational and regulatory risks; among others, we would have expected the company to be farther along in its reporting. In line with our approach of holding directors accountable when a company is not effectively addressing a material issue, we voted against the Chair of the Audit Committee and longest tenured director up for election because of the company’s lagging disclosure related to the oversight and management of climate-related risks and the materiality of the risk to the company.

Details

  • Proponent
  • Management
  • Resolution
  • Election of Directors
  • Vote
  • AGAINST
  • Rationale
  • N/A
  • Details
  • We voted against the election of director Jeffrey W. Shaw for insufficient progress with respect to climate-related reporting. Shaw is the Chair of the Audit Committee and the longest tenured director up for election.