Resolutions for chemicals and manufacturing giant Dow to report on the impact of reduced global demand for virgin plastic, and for Bank of America to adopt an 'actionable' climate transition plan have been voted on at their respective AGMs.
The Dow resolution received the backing of more than 30% of shareholders at the AGM held in Chicago, while the Bank of America resolution received the backing of 28.5% of shareholders at its remotely hosted AGM. Both motions were filed by shareholder advocacy As You Sow.
Dow is the world’s third largest producer of single-use bound plastic resins (9.2 million tons), which according to As You Sow ultimately results in as much as 5.3 million tons of plastic waste. Single-use plastics are also considered a major source of the 11 million tons of plastics that enter global waterways annually.
Conrad MacKerron, senior vice president of As You Sow, said: “We are pleased that a strong contingent of shareholders agree that Dow should assess its reliance on virgin single-use plastics. This analysis will help it manage the growing risks and provide transparency on its commitment to use recycled postconsumer plastic as feedstock for new products.”
At Bank of America, the As You Sow resolution sought an actionable climate transition plan for achieving its 2030 net zero greenhouse gas emission reduction goals.
While Bank of America has committed to aligning key sectors of its financing portfolio with net-zero targets, according to As You Sow its plan for achieving those goals remains unclear.
Danielle Fugere, president of As You Sow, said: “To reach its 2030 goals, Bank of America must have a plan in place that drives decision-making from the top down, starting with governance, and ending with banker decision-making on new financing.”
Earlier this year, Fugere spoke to Net Zero Investor on the upcoming AGM season, calling for greater assessment of corporate net-zero targets.
