Governance & Policy
Say on Climate
A shareholder vote on a company's climate transition plan, applying the say-on-pay model to decarbonisation strategy.
Definition
Say on climate is a mechanism by which a company puts its climate transition plan to a shareholder vote — typically advisory — allowing investors to endorse or challenge the credibility of its targets, capital allocation and milestones. Pioneered by Spanish infrastructure company Ferrovial in 2020 and adopted by firms including Unilever, Shell and Glencore, the practice emerged from investor campaigns seeking accountability beyond disclosure.
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