CofE Pensions Board makes the switch to backing Grid board

The Church of England (CofE) Pensions Board will vote in favour of National Grid leadership following the utilities body making a commitment to publishing a comprehensive review of their lobbying activities on climate change.

The pension fund was due to vote against the re-election of the UK National Grid’s chair, Paula Rosput Reynolds, and chief executive John Pettigrew, due to an alleged failure to produce such a disclosure on the company’s climate lobbying activities.

The National Grid owns and operates electricity and natural gas transmission networks across the UK as well as parts of the United States.

The Pensions Board has been undergoing engagement with the Grid over the issue, in collaboration with Swedish pension fund AP7 and the Climate Action 100+, and will now back the board votes.

Laura Hillis, director of climate and environment for the CofE Pensions Board, said: “We have been encouraged by our ongoing dialogue with the company, and we welcome their commitment to greater transparency on the critical issue of corporate climate lobbying, which has historically been a barrier to achieving good policy outcomes on climate change.”

The CofE Pensions Board is still believed to be voting against a resolution, put forward by National Grid management, requesting shareholder support to make large political donations, up to £125,000. The National Grid AGM is due to take place on 10 July in London, UK.