{"id":1811,"date":"2018-03-26T13:23:46","date_gmt":"2018-03-26T12:23:46","guid":{"rendered":"https:\/\/sarasinandpartners.com\/za\/think\/why-and-how-investors-can-tackle-climate-change\/"},"modified":"2020-05-11T17:40:48","modified_gmt":"2020-05-11T16:40:48","slug":"why-and-how-investors-can-tackle-climate-change","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/za\/think\/why-and-how-investors-can-tackle-climate-change\/","title":{"rendered":"Why, and how, investors can tackle climate change"},"content":{"rendered":"

Climate change is the defining challenge of our generation. Naturally, people wish to act to protect our planet. The divestment movement has tapped into this desire, as evidenced by the steady flow of institutions deciding to sell their shareholdings in fossil fuel companies. There is little doubt that this has contributed to the political imperative to act.<\/span><\/p>\n

The trouble is that divestment alone cannot be relied upon to deliver decarbonisation. For decarbonisation to be achieved, all companies will need to adapt their strategies and operations to a zero net-emissions pathway. Concerned shareholders can, and should, be supporting and pressing corporate leaders to act in this critical transition; and sanctioning those that fall short. Divestment removes investors\u2019 ability to drive change from within1<\/sup><\/span>.<\/p>\n

The shareholder imperative to act is based on a simple logic: shareholders gain where their businesses are run in their long-term interests. It follows that any business whose success is predicated on the world exceeding the 2\u00b0C cap in global warming agreed in Paris, and thereby placing planet stability at risk, should face tough questions. Likewise, a strategy that presumes this outcome \u2013 and approves capital deployment that contributes to excessive greenhouse gas emissions \u2013 is likely to be materially exposed to more rapid decarbonisation. Either way, shareholders lose.<\/p>\n

Unfortunately, shareholder complacency is too often the norm. Take the global financial crisis. Whilst there were many factors that lie behind excessive risk taking in banks, there is little doubt that the failure of shareholders to hold bank executives to account removed a vital check on dangerous behaviour.
\nInaction is, in short, inimical to savers\u2019 and society\u2019s long-term interests.<\/p>\n

Urgent pleas must be heard<\/h2>\n

The Met Office\u2019s recent estimates for the time we have left to act are sobering (see charts 1 and 2). If we wish to meet a target of keeping warming to 1.5\u00b0C above pre-industrial levels then we have roughly five years left continuing to burn greenhouse gases at today\u2019s pace.<\/p>\n

Under the more lenient \u2013 and arguably more dangerous \u2013 pathway of capping warming at 2\u00b0C, we will need to achieve net zero emissions (so any positive carbon emissions will need to be fully offset) within 20 to 30 years.
\nGiven the time it will take to phase out our reliance on fossil fuels, it is understandable that the scientific community\u2019s pleas for action are becoming more urgent.<\/p>\n

\"\"<\/p>\n

Shareholders have strong levers to pull<\/h2>\n

Investors have voting rights. Generally speaking, shareholders have the right to appoint directors, the auditor, as well as a say on funding and strategic matters such as raising capital or major acquisitions. In some cases, like the UK, shareholders have a vote to approve the Annual Report and Accounts and are given a say over remuneration for senior executives. In many instances, shareholder votes are binding. A majority vote against a director in the UK or the auditor means the individual\/firm must stand down.<\/p>\n

So, shareholders have a say, and can influence a company\u2019s strategic direction or leadership. The trouble is that too few have historically utilised their vote to drive change, and this can disempower the rest. While heightened public and media scrutiny of voting is leading to more \u2018against\u2019 votes, for instance on executive remuneration, it is rare that shareholders drive the agenda.<\/p>\n

In the FTSE 100 for instance, in the last proxy season no directors received less than 50% support. Even in cases where the company has been involved in poor behaviour or misconduct which has destroyed shareholder value, shareholders appear inexplicably reluctant to act.<\/p>\n

Take Sports Direct, the sports clothing retailer. Over the past two years we have learned of poor labour treatment (in certain cases paying below the minimum wage and punitive disciplinary procedures), related party transactions, high levels of remuneration and weak governance controls. Nevertheless, the CEO, Chairman and Senior Independent Director have all continued to receive majority shareholder support. Since January 2015 and the end of 2017, the share price fell almost 50%.<\/p>\n

Climate change offers a catalyst to spur a broader shareholder \u2018awakening\u2019, and there are early signs that this is happening.<\/p>\n

Where material climate risk should inform votes on directors, the auditor and strategic changes<\/h2>\n

In the last couple of years, shareholders (including Sarasin & Partners) have pressed companies to take account of climate risks through ad hoc shareholder resolutions. These have received overwhelming shareholder support. The trouble is that these have framed climate risk as separate from core matters of business.<\/p>\n

Where it is material climate risk needs to be considered as part of the routine votes at Annual General Meetings. For example, directors need to be held to account for articulating how their strategy is in line with planet stability (and thus the Paris Climate Accord), and how this will deliver attractive long-term earnings for shareholders. Where the threat from decarbonisation is potentially existential, the need for determined leadership will be that much greater.<\/p>\n

The auditor also plays a critical \u2013 and often underappreciated \u2013 role in responding to climate risks, and should be held to account for this function. As the \u2018watch-keeper\u2019 for shareholders, the auditor is there to ensure managements\u2019 financial statements provide a \u2018true and fair view\u2019 of the company\u2019s underlying economic position, and the narrative disclosures including risks are complete and balanced.<\/p>\n

Critically, the auditor reassures shareholders that their capital is protected by taking a prudent view of likely losses and liabilities embedded in the business, and preventing management from recognising profits too early. Were decarbonisation to curtail expectations of future cash flows of an oil and gas company, for instance, then the auditor should be expected to \u2018kick the tyres\u2019 for any potential write-downs in the balance sheet. If management is using unrealistic assumptions, the auditor must challenge this. If management does not comply, the auditor should decline to sign the misleading accounts. If the auditor fails in this duty, shareholders should vote to replace them.<\/p>\n

Votes on annual reports, remuneration, mergers and acquisitions, and capital raising are also all pertinent for reflecting disquiet with how effectively a company is managing material climate risks.<\/p>\n

Dialogue should come first, but public outreach can raise the level of debate<\/h2>\n

Voting against the board on any resolution, of course, represents the ultimate sanction available to shareholders, and should be deployed with care.<\/p>\n

oreover, it may not be necessary. Dialogue with directors on the company\u2019s strategic direction and leadership may offer a smoother and more effective route to change.<\/p>\n

The difficulty is that dialogue on disruptive change can itself be bumpy. Shareholders may not speak with one voice \u2013 many investors may be opposed to action that aligns the strategy with the Paris Accord if this involves short-term pain. Also, directors frequently have different perspectives on the need for change, further complicating engagements. Divergence in views is likely to be particularly acute in companies that face the greatest threat from decarbonisation.<\/p>\n

Navigating the politics of such engagements takes time and skill. Above all, shareholders will need to be flexible and innovative in the tactics they use.
\nWhere dialogue becomes bogged down and silos form between different directors and shareholders, investors may consider public commentary to focus minds on the core arguments. Public scrutiny tends to expose weak arguments quickly. Shareholders arguing for \u2018business as usual\u2019 in companies whose activities put the planet at risk are as vulnerable to public criticism as companies that turn a blind eye to the societal consequences of their activities.<\/p>\n

Shareholder activism will not guarantee success, but it is worth trying<\/h2>\n

None of the above is intended to suggest a shareholder activist approach is either easy, or guaranteed to succeed. Despite individual shareholders\u2019 best efforts, dialogue can stall and broader shareholder momentum can wane. Entrenched management teams have an interest and resources to resist change. Public discourse, likewise, can go in unintended directions.<\/p>\n

Notwithstanding these risks, with so much at stake, if ever there was a time for shareholder activism, surely this is it?<\/p>\n

 <\/p>\n

1<\/sup><\/span>There is, of course, no sense in investing in a company that will destroy capital, and any active asset manager (including Sarasin & Partners) will be focused on avoiding this. But there are many fossil fuel dependent companies that could shift course and build resilient and profitable Paris-aligned strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Climate change is the defining challenge of our generation. Naturally, people wish to act to protect our planet. The divestment movement has tapped into this desire, as evidenced by the steady flow of institutions deciding to sell their shareholdings in fossil fuel companies. There is little doubt that this has contributed to the political imperative...<\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"coauthors":[88],"class_list":["post-1811","post","type-post","status-publish","format-standard","hentry","category-stewardship-thoughts"],"yoast_head":"\nWhy, and how, investors can tackle climate change - Sarasin & Partners South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/za\/think\/why-and-how-investors-can-tackle-climate-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why, and how, investors can tackle climate change - Sarasin & Partners South Africa\" \/>\n<meta property=\"og:description\" content=\"Climate change is the defining challenge of our generation. 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