Brunel announce intention to back a shareholder resolution calling on HSBC to publish a strategy and targets to reduce its exposure to fossil fuel assets

An FCA regulated firm, Brunel Pension Partnership (Brunel) is one of eight national Local Government Pension Scheme (LGPS) Pools, bringing together circa £30 billion investments of 10 likeminded funds. Brunel manage the investment assets for the pension funds of Avon, Buckinghamshire, Cornwall, Devon, Dorset, Environment Agency, Gloucestershire, Oxfordshire, Somerset and Wiltshire. Brunel are primarily responsible for the creation of investment portfolios, the appointment, and monitoring of investment managers.

Fifteen institutional investors with a combined US$ 2.4 trillion in assets under management have filed a climate change resolution at HSBC, alongside 117 individual shareholders. The resolution, co-ordinated by responsible investment NGO ShareAction, calls on HSBC to publish a strategy and targets to reduce its exposure to fossil fuel assets, starting with coal, on a timeline consistent with the Paris climate goals.

If the resolution receives more than 75% of the votes at HSBC’s AGM in April 2021, it would require the bank to publish a strategy and short-, medium- and long-term targets to reduce its exposure to fossil fuel assets on a timeline aligned with the goals of the Paris agreement

This resolution is consistent with Brunel’s previous engagement work on fossil fuel financing and follows the shareholder resolution that was co-filed by Brunel at Barclays last year.