Banking on a storm: Natwest weathers first of AGM climate rows

cityam04-29 08:16

Natwest faced a prickly time in its Edinburgh AGM and in this week’s column Samuel Norman looks at whether fun and games could be in store for its peers. Also on the agenda this week – Revolut heads ...

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Also on the agenda this week – Revolut heads ...</p>\n\n<a href=\"https://www.cityam.com/banking-on-a-storm-natwest-weathers-first-of-agm-climate-rows/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0128525689.USD","symbol_name":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","start_time":0,"source_url":"https://www.cityam.com/banking-on-a-storm-natwest-weathers-first-of-agm-climate-rows/","article_id":"2631558789","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/04/3123-1-1.jpeg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/banking-on-a-storm-natwest-weathers-first-of-agm-climate-rows/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2631558789","pubTimestamp":1777421760,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Natwest faced a prickly time in its Edinburgh AGM and in this week’s column Samuel Norman looks at whether fun and games could be in store for its peers. Also on the agenda this week – Revolut heads for some Spanish sun.Natwest chair Rick Haythornthwaite suffered a thorny reception on Tuesday at the bank’s annual general meeting in Edinburgh.The City veteran, who has a 15-year stint chairing payments giant Mastercard under his belt, was in the hot seat as climate activists disrupted the proceedings, marking a turbulent start to the banking sector’s AGM season.Trailed ahead of the meeting was a campaign spearheaded by investor activist group Shareaction, seeking to get Natwest to overturn changes to its green policies.But last year Europe’s biggest lender was forced to slap a 20 year delay on its net zero ambition last year with the reduction in emissions now pencilled in for 2050, more broadly in line with its peers than the previous 2030.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","LU0496365809.HKD":"TEMPLETON GLOBAL INCOME \"A\" (HKD) INC (Q)","BK4521":"英国银行股","BK4207":"综合性银行","HSBH":"HSBC Holdings plc ADRhedged","LU0211326755.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) ACC","BK4229":"商业和住宅抵押贷款融资","HSBC":"汇丰","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4588":"碎股","AGM":"联邦农业抵押贷款公司","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0211326839.USD":"TEMPLETON GLOBAL INCOME \"A\" (USD) INC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4585":"ETF&股票定投概念","BK4195":"互助储蓄与抵押信贷金融服务"},"translate_title":"寄希望于风暴：国民西敏寺银行经受住了年度股东大会第一次气候争端","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AGM":1.5,"HSBC":0.9,"HSBH":0.6},"content_text":"Natwest faced a prickly time in its Edinburgh AGM and in this week’s column Samuel Norman looks at whether fun and games could be in store for its peers. Also on the agenda this week – Revolut heads for some Spanish sun.Natwest chair Rick Haythornthwaite suffered a thorny reception on Tuesday at the bank’s annual general meeting in Edinburgh. The City veteran, who has a 15-year stint chairing payments giant Mastercard under his belt, was in the hot seat as climate activists disrupted the proceedings, marking a turbulent start to the banking sector’s AGM season.Trailed ahead of the meeting was a campaign spearheaded by investor activist group Shareaction, seeking to get Natwest to overturn changes to its green policies.\n\nThe group called for protest votes against the bank’s board members as it accused the leadership of “backtracking on climate commitments”. A key contention surrounds Natwest dropping its commitment not to lend to any oil and gas companies that lack a credible transition plan or that fail to report their overall carbon emissions. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIn the end, the meeting was only adjourned for 15 minutes and Haythornthwaite cruised to reelection with 92 per cent of the vote, a modest dip from 97 per cent last year. Natwest sets tone for peersBut Natwest’s bumpy AGM, the first of its peers, suggests more banks may be set to run the climate gauntlet. Natwest is not the first to face AGM heat on its climate policies, nor is it the only bank opting to switch up its climate policies. Over the last year the net zero banking ambition has slowly run out of gas to the point the industry’s net zero club has ceased operations. \n\nAnalysts have pointed to reasons across the board for the change of heart. Some suggested the anti-ESG rampage pioneered by Donald Trump’s return to the White House was responsible and others have blamed the very foundations these endeavours were built on in the first place. Douglas Flint worked at HSBC for more than twenty yearsSir Douglas Flint, the former chairman of HSBC has said the piling of funds into green and social policies was a “huge mistake”. “It became a marketing thing,” he told a City conference last year, “let’s tell everyone we’re saving the world, we’re saving the planet”.It was HSBC’s (now former) head of responsible investing Stuart Kirk who fired the starting gun on questioning climate investment back in 2022, when he said it was getting “a little bit out of hand”. At the time, HSBC rapidly distanced itself from the comments.\n\nBut last year Europe’s biggest lender was forced to slap a 20 year delay on its net zero ambition last year with the reduction in emissions now pencilled in for 2050, more broadly in line with its peers than the previous 2030.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.1","shortVersion":"4.42.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2631558789","isCrawlerRequest":true}