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Benedicte Hautefort’s Column

Climate activism : shall we call the police ?

Climate activists warned: this year they will hit hard. This April is marked by the ING case in the Netherlands and the ENEL case in Italy, both of which show that using the police or the courts does not solve anything. Worse, the companies concerned are back on the radar of large international investors, who are going after the companies like predators.

Banks are their first targets. After years of record dividends, the world’s top sixty banks, shaken by the bankruptcies of SVB and Crédit Suisse, are just about back to their market capitalisation at the beginning of 2023, when the CAC 40 or the Dow Jones, for example, have appreciated by 15% in four months. At the meeting of ING, the Dutch bank, on 24 April, the Extinction Rebellion movement was the emissary of all the discontented. By obtaining the suspension of the meeting, the activists blocked the company’s operations, putting themselves in the hands of international investors, with whom the management will have to negotiate. In particular on the remuneration of its director, which was far from being unanimously approved by the shareholders.

The activists were organised. Members of Extinction Rebellion entered as shareholders, then held up banners and took the floor to ask the same question six times, asking ING if the bank would do everything possible to reduce greenhouse gas emissions by at least 45% by 2030 compared to 2019. The question was met with loud applause and cheers from the room. They tapped their feet in rhythm, making the room echo. They sang a song calling for an end to fossil fuel use, earning sympathy from the rest of the audience. One of the activists whistled. The company called in the police, who removed him from the hall. Steven van Rijswijk, the president of ING, intervened at the time, assuring the audience that the bank was listening to the criticism. In the end, ING was unable to hold its meeting, a vital meeting to vote on the financing of the company, the composition of its governance and … the remuneration of its executives. The investors won.

Next up is the Wells Fargo meeting in the US on 25 April. According to the NGO Action Aid, the bank has financed fossil fuels to the tune of $272 billion in five years.

Another case, in Italy. The hedge funds Covalis and Mondrian are currently raising their voices at Enel to oppose the appointment of Flavio Cattaneo to the helm of the energy company Enel, arguing that he does not have enough experience in renewable energy. He is the Italian state’s candidate. They are making the same argument as Greenpeace, Enel’s opponent for 15 years. Like ING, which used the police to expel the demonstrators, ENEL used the law to enforce its rights. 1.6 million in financial compensation for the damage caused by the protesters demanding the closure of the Brindisi coal plant. ENEL may win its case, but in the meantime, on 10 May, at the general meeting, investors may well block the company’s operations if the management candidate is rejected by a negative vote.

The law on one side, the power of shareholder democracy on the other. Companies this spring need to find the right position for the cursor.

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