Climate activists disrupted Natwest's annual general meeting in Edinburgh, leading to a 15-minute adjournment and a thorny reception for chair Rick Haythornthwaite, according to reports. Investor activist group Shareaction led a campaign to get Natwest to overturn changes to its green policies, calling for protest votes against board members and accusing the leadership of backtracking on climate commitments after the bank dropped its commitment not to lend to oil and gas companies lacking credible transition plans, according to reports. HSBC delayed its net zero ambition by 20 years to 2050, according to reports.
Shareaction accused HSBC of an egregious example of backtracking on climate policies, while the bank had previously distanced itself from comments made in 2022 by its former head of responsible investing, Stuart Kirk, reports noted. The net zero banking club has ceased operations, with analysts pointing to the anti-ESG wave from Donald Trump's return and flawed foundations, according to reports. Rick Haythornthwaite was reelected with 92% of the vote, down from 97% the previous year, according to reports.