NGO-led shareholder resolution demands Nordea to stop financing fossil fuel expansion

Greenpeace Nordic, Swedish Society for Nature Conservation (Naturskyddsföreningen) and Action Aid Denmark (Mellemfolkeligt Samvirke) have filed a shareholder resolution at Nordea’s Annual General Meeting. The resolution is also supported by Fair Finance Guide and Hiilivapaa Suomi. 

The organisations are calling the Nordic bank to stop financing fossil companies that expand extraction and lack robust fossil phase-out plans in line with 1.5 degree limit of the Paris Agreement. The shareholder proposal seeks to close this loophole in Nordea’s fossil fuel policy by proposing an amendment to the Articles of Association of the company. Similar shareholder proposals have been filed also at Swedish banks SEB and Swedbank AGMs. Organisations demand that these three banks follow the example of Danske Bank and Handelsbanken, who have already stopped new loans to expanding fossil fuel companies.

Shareholder resolution to Nordea

Shareholder resolution to SEB

Shareholder resolution to Swedbank