The Local Authority Pension Fund Forum (LAPFF), which is the voluntary association of 72 public sector pension funds, announced yesterday (Monday 5th June) that it is partnering with 50/50 Climate Project, a non-profit group which encourages the 50 largest carbon footprint public companies to create effective long-term climate change strategies.
The LAPFF said the partnership can mean that it is able to ‘ratchet up its engagement’ with companies on climate risks and its potential impact on shareholder value in a move that will see the Forum draw on the Project’s experience and build on the track record of both organisations.
The Project has already made significant advances securing proxy access for shareholder promoted director candidates, rising from just 1% of S&P 500 large-cap firms in 2014 to over half by the beginning of 2017.
Local Authority Pensions and Climate Change
The LAPFF already has some sucess stories in this area, most recently, Forum funds co-filed the successful ‘Aiming for A’ strategic resilience resolutions on climate risk at Shell, BP, Anglo American, Glencore and Rio Tinto AGMs. The new partnership will provide them with research on company risks and opportunities, analysis of corporate-board climate competencies, and involvement in campaigns to refresh boardrooms. It will also support the development of a pipeline of credible ‘climate-literate’ director candidates.