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08 June 2023 • Articles

El Economista

Only four IBEX 35 companies present their climate action plans at the shareholder meetings

During the 2023 AGM season in Spain, only four IBEX 35 companies have submitted their climate strategies for the vote: Ferrovial, Aena, Acciona and its subsidiary, Acciona Energía.

“Some companies have decided to do so, either because of the influence of certain shareholders, or because they deem it positive for their corporate image and market strategy,” explains Borja Miranda, Managing Director at Morrow Sodali in his interview with El Economista.

Companies that steer clear of this initiative, often hide behind the fact that they include the previous year's Non-Financial Information Statement (NFIS) as an agenda item each year. Although this report includes climate issues, as well as human and social rights, and anti-corruption measures, “it is very basic compared to the scope of Say on Climate," comments Borja Miranda.

“While three years ago this initiative was seen as a vote of confidence from investors, now the climate strategy has become the dominant theme in the context of the company-shareholder dialogue,” adds Miranda. The attention of the market keeps focused on climate change and in line with the general trend, the investors require effective oversight of the climate strategy from the boards.

Read the full article here (in Spanish).

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