With as many as 21 climate resolutions – filed by members – at 10 general meetings, the climate was once again in focus at this year’s general meetings of Danish pension funds. Among these member filed resolutions:
● 8 resolutions were adopted with the support of the pension fund board
● 4 resolutions were voted through without the board’s backing.
● 9 resolutions were not adopted, but 2 of these are expected to be partially implemented.
Among the most important adopted member filed resolutions in 2022 are the following adoptions:
1) Fossil investments must be Paris-compliant and any continued investment shall be justified.
The adopted proposals oblige the pension funds to invest only in coal, oil and gas companies that have a business strategy compatible with the Paris Agreement. If the pension fund exceptionally and temporarily maintains investments in companies that are not Paris-compatible, then such investments must be justified for each company.
– The pension funds Akademikerpension, Lægernes Pension and AP Pension have adopted this policy.
2) Develop a strategy for escalating active ownership of banks that provide financing and banking services to fossil fuel companies that oppose the Paris Agreement.
The adopted proposals oblige pension funds to intensify their active engagement with Danish and international banks that continue to provide financing for new fossil projects and to fossil companies that are not Paris-compliant.
– The pension funds Akademikerpension, Lægernes Pension and AP Pension have adopted this policy. In addition, the pension funds P+ and PKA have committed to continue a high level of engagement with banks.
3) Increase transparency around private investments, as well as divestment of private investments that are incompatible with the goals of the Paris Agreement.
The adopted proposals oblige pension funds to increase transparency around privat/unlisted investments, including unlisted shares/bonds, infrastructure and real estate. Investments that are incompatible with the Paris Agreement must be sought divested.
– The pension funds Akademikerpension, Lægernes Pension, AP Pension, Arkitekternes Pensionskasse, PJD and ISP have adopted this policy. In addition, PKA has committed to a partial implementation of the resolution.
The general meetings show very clearly that the majority of Danish pension fund members want a high focus on responsible investments, and in many cases the members can succeed in adopting their demands through filing of resolutions at the pension fund AGMs, even if the board disagrees.
However, there is still some way to go before the total Danish pension investments of around DKK 4600 billion (~Euro 620 billion) are invested in support of the Paris Agreement. Therefore, it is still extremely important that Danish pension fund members continue their efforts to influence their pension provider to deliver pension products that unite high financial returns with climate-responsible investing.
The AnsvarligFremtid network contributes to achieve this ambition. Read more about AnsvarligFremtid and our campaign here.