The Church of England Pensions Board has joined five other pension funds to bring legal action against Volkswagen AG (VW), after it refused repeated attempts to reveal crucial information on its corporate climate-lobbying activities.
The funds, four Swedish and one Danish in addition to the C of E board, are all part of the Institutional Investment Group on Climate Change (IIGCC) and the Climate Action’s 100+ initiative. These have asked the company repeatedly to clarify its lobbying position. VW discloses trade association memberships, but does not disclose how the goals of these associations align with its own climate goals.
The boards wanted to table an agenda item at VW’s AGM, seeking publication of a report setting out how the company’s lobbying of policy-makers matched its stated ambition to support the Paris Agreement goals by becoming a net-zero company. VW refused to table the item.
The investors say that they tried over several years to get information before tabling the amendment. The case, supported by the legal charity ClientEarth, will test whether VW has the right to refuse the agenda item.
C of E Pensions Board joins fight to force VW to open its books on climate lobbying https://t.co/F1UtlH7M2M
— Church Times (@ChurchTimes) October 24, 2022