More than a quarter of Citigroup shareholders have supported a resolution calling for a report on the efficacy of indigenous rights policies during the organisation’s annual general meeting (AGM). This is the third year that such a resolution has been filed at bank. In April, Citi published a report on indigenous rights in what US-based environmental non-profit Sierra Club branded as “an attempt to diminish shareholder support” for the resolution ahead of the AGM. The report was criticised by both investors and indigenous leaders. “Despite Citi’s efforts to diminish support for the indigenous rights resolution, investors once again sent a strong message for the bank to do a more robust assessment of its policies and practices,” said Ben Cushing, Director of Sierra Club’s Fossil-Free Finance campaign. “It’s past time for Citi, Wells Fargo, and other big banks to heed the calls of investors and finally address the impacts of their financing activities on indigenous communities, and commit to end financing for projects and companies violating their rights.” Wells Fargo’s AGM – which occurred on the same day as Citi’s – broke tradition, noting that all resolutions received below majority support, rather than announcing preliminary results for its shareholder proposals.
Shareholder votes at @Citi & @WellsFargo show investors continue to demand more transparency by banks on their climate & human rights practices.
Despite efforts to sap support, investors still want banks to strengthen their approach to Indigenous rights.https://t.co/gN6NKlNGCY
— Ben Cushing (@bmcushing) April 30, 2024
