Climate Change | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>BP p.l.c.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>Summary</strong></p>
<p>Multiple outlooks project impending decline in oil and gas demand. BP’s strategy assumes rising demand. In the last major demand contraction, the company cut dividends by 50%. This resolution asks BP to clarify how it would create shareholder value under credible scenarios of declining oil and gas demand. With this transparency, investors can better judge how BP’s portfolio might perform under all circumstances.</p>
<p><strong>Declining demand</strong></p>
<p>Many trusted analysts increasingly predict that the world will soon enter a structural decline in oil and gas demand. </p>
<p>STEPS and APS constitute credible scenarios, as they correspond to identifiable policies and market developments. STEPS represents the energy sector’s current direction of travel, based on the latest market data, technology costs, and in-depth analysis of the prevailing policy settings globally. APS anticipates the implementation of additional policies pledged by governments. These scenarios warrant investor concern, as they reflect ongoing and planned implementation of regulation, political support, and technological uptake, as well as market and economic realizes.</p>
<p>Both see an impending peak in demand for oil and gas. In STEPS, oil demand peaks by 2030 and gas by 2035. In APS, both peak before 2030 and fall 17% by 2035 compared to 2023 (99–82 mb/d; 4186–3493 bcm).1</p>
<p>The IEA’s June 2025 oil forecast predicts reduced demand by the end of the decade; this is noteworthy as it seems to align with the oil demand projections indicated in both STEPS and APS.2</p>
<p>Regarding gas, the IEA states: “The period of LNG surplus in the STEPS makes it difficult for some exporters to fully recover their long-run marginal cost of supply, creating risks that project sponsors write off the value of the assets.”3</p>
<p>Other analysts also show outlooks divergent from BP’s. Rystad’s analysis shows oil peaking in the early 2030s, with gas plateauing soon after. The US Energy Information Agency (EIA) expects overproduction to push oil prices down to $51 in 2026, well below the $70 to $74.4 BP expects. 4,5,6</p>
<p>This convergent view on a potential decline by a broad array of market analysts warrants serious concern from investors.</p>
<p><strong>BP’s reset strategy is based on growth in oil and gas demand</strong></p>
<p>At its Capital Markets Update 2025, BP projected a growth for oil and gas production to 2.3–2.5 mmboed by 2030. The Company promises to grow its adjusted cash flows by 20% annually over the next three years, but the plans beyond this short-term horizon are not transparently disclosed.7</p>
<p>Company scenarios assume that oil demand grows to 103.4 mb/d into the early 2030s, with gas demand growing above 4,800 bcm by the 2040s.8 </p>
<p>In their reporting, BP disaggregates its operations into 11 sub-segments, disclosing stress-testing for each sub-segment along a single variable. This approach does not demonstrate how shareholder value would be created under scenarios with declining demand. Further, the stress-testing horizon extends only to 2030. Investors would benefit from disclosure that addresses value generation. beyond this limited time frame, particularly with respect to the Company’s prospective response to a potential global peak in oil and gas demand during the 2030s.9</p>
<p>Historical precedent across multiple industries suggests that prolonged demand contraction puts downward pressure on prices. Further, most oil majors plan to raise production, creating oversupply. Revenue could be affected; only the most cost-competitive producers would deliver value to shareholders in a declining market.</p>
<p>BP does not disclose capital spending, production mix, or dividends in the event that demand falls. Even the Company’s projected growth would require significant gains in market share relative to competitors. Ongoing shareholder trust depends on answers to these questions.</p>
<p>In 2020, with oil demand down 9% and prices at an average of $42 per barrel, BP cut its dividend by 50%; this was a􀅌er the Deepwater Horizon catastrophe in 2010. BP has since raised its dividend, but the current $0.0832 quarterly payout remains 21% below pre-2020 levels. This was only a brief drop, yet the Company struggled. A sustained decline portends much higher risks for the Company and its shareholders.</p>
<p><strong>Conclusion</strong></p>
<p>BP’s current fossil fuel growth assumptions visibly diverge from IEA APS and STEPS scenarios and other analyst projections that foresee sustained demand decline.</p>
<p>Failing to plan for these potentializes risks significant shareholder value loss due to impaired assets, lower margins, and reduced dividends. Transparent disclosure of how BP would adjust capital allocation, energy mix, and cash flow under declining oil and gas demand is essential to assess its business resilience.</p>
<p>This resolution aims to ensure that BP’s strategy accounts for a complex and uncertain energy transition and demonstrates its ability to create shareholder value under a range of plausible scenarios.</p>
<p>You have our support.</p>
<p>1 IEA, World Energy Outlook 2024 and World Energy Outlook 2025, tables A.9 and A.13</p>
<p>2 IEA, Oil 2025</p>
<p>3 IEA, World Energy Outlook 2025</p>
<p>4 Rystad, Global Energy Scenarios 2025</p>
<p>5 EIA, press release, Aug 12, 2025</p>
<p>6 BP, Capital Market Update 2025</p>
<p>7 ibid</p>
<p>8 BP, Energy Outlook: 2025 edition</p>
<p>9 BP, Annual Report 2024</p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Tarek Bouhouch</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Follow This</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Mary Minette</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Mercy Investment Services</span></div>
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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Royal Dutch Shell plc</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>GHG Reduction and Targets </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>Summary</strong></p>
<p>Multiple outlooks project impending decline in oil and gas demand. Shell’s strategy assumes rising demand. In the last major demand contraction, the company cut dividends by 66%. This resolution asks Shell to clarify how it would create shareholder value under credible scenarios of declining oil and gas demand. With this transparency, investors can be􀆩er judge how Shell’s portfolio might perform under all circumstances.</p>
<p>Declining demand</p>
<p>Many trusted analysts increasingly predict that the world will soon enter a structural decline in oil and gas demand.</p>
<p>STEPS and APS constitute credible scenarios, as they correspond to identifiable policies and market developments. STEPS represents the energy sector’s current direction of travel, based on the latest market data, technology costs, and in-depth analysis of the prevailing policy settings globally. APS anticipates the implementation of additional policies pledged by governments. These scenarios warrant investor concern, as they reflect ongoing and planned implementation of regulation, political support, and technological uptake, as well as market and economic realizes.</p>
<p>Both see an impending peak in demand for oil and gas. In STEPS, oil demand peaks by 2030 and gas by 2035. In APS, both peak before 2030 and fall 17% by 2035 compared to 2023 (99–82 mb/d; 4186–3493 bcm).1</p>
<p>The IEA’s June 2025 oil forecast predicts reduced demand by the end of the decade; this is noteworthy as it seems to align with the oil demand projections indicated in both STEPS and APS.2</p>
<p>Regarding gas, the IEA states: “The period of LNG surplus in the STEPS makes it difficult for some exporters to fully recover their long-run marginal cost of supply, creating risks that project sponsors write off the value of the assets.”3</p>
<p>Other analysts also show outlooks divergent from Shell’s. Rystad’s analysis shows oil peaking in the early 2030s, with gas plateauing soon after. The US Energy Informa􀆟on Agency (EIA) expects overproduction to push oil prices down to $51 in 2026, well below the $70 Shell expects.4, 5, 6</p>
<p>This convergent view on a potential decline by a broad array of market analysts warrants serious concern from investors.</p>
<p><strong>Shell’s strategy is based on growth in oil and gas demand</strong></p>
<p>At its Capital Markets Day 2025, Shell projected 1% annual growth in oil and gas production through 2030. The company plans a 4–5% annual growth in integrated gas and marketing cash flow from operations through 2040.7 Company scenarios assume that oil demand grows 3–5 mb/d into the early 2030s, with gas demand growing to 4,500 bcm by the 2040s.8</p>
<p>Shell’s reporting shows internal stress-testing and scenario analysis, it mainly adjusts future price estimates, leaving other key factors like demand and market share dynamics unchanged (“ceteris paribus”).9</p>
<p>Shell does not disclose concern about potential declining demand, staffing in their 2024 Annual Report “Changes in global oil and gas demand are […] not expected to directly impact the ability to sell volumes of oil and gas produced by Shell at market prices.”10</p>
<p>By ignoring the market share gains needed in a declining, competitive market and relying on single dimension stress-testing disclosure, Shell leaves investors uncertain about its ability to create shareholder value.</p>
<p>Historical precedent across multiple industries suggests that prolonged demand contraction puts downward pressure on prices. Further, most oil majors plan to raise production, creating oversupply. Revenue could be affected; only the most cost-competitive producers would deliver value to shareholders in a declining market.</p>
<p>Shell does not disclose capital spending, production mix, or dividends if demand falls. Even 1% annual growth would require significant gains in market share relative to competitors. Ongoing shareholder trust depends on answers to these questions.</p>
<p>In 2020, with oil demand down 9% and prices at an average of $42 per barrel, Shell cut its dividend by 66%, the first cut since World War II. Shell has since raised its dividend, but the current $0.358 quarterly payout remains 24% below pre-2020 levels. This was only a brief drop, yet the Company struggled. A sustained decline portends much higher risks for the Company and its shareholders.</p>
<p><strong>Conclusion</strong></p>
<p>Shell’s current fossil fuel growth assumptions visibly diverge from IEA APS and STEPS scenarios and other analyst projections that foresee sustained demand decline.</p>
<p>Failing to plan for these potentializes risks significant shareholder value loss due to impaired assets, lower margins, and reduced dividends. Transparent disclosure of how Shell would adjust capital allocation, energy mix, and cash flow under declining oil and gas demand is essential to assess its business resilience.</p>
<p>This resolution aims to ensure that Shell’s strategy accounts for a complex and uncertain energy transition and demonstrates its ability to create shareholder value under a range of plausible scenarios.</p>
<p>You have our support.</p>
<p> </p>
<p>1 IEA, World Energy Outlook 2024 and World Energy Outlook 2025, tables A.9 and A.13</p>
<p>2 IEA, Oil 2025</p>
<p>3 IEA, World Energy Outlook 2025</p>
<p>4 Rystad, Global Energy Scenarios 2025</p>
<p>5 EIA, press release, Aug 12, 2025</p>
<p>6 Shell, Capital Market Day 2025</p>
<p>7 ibid</p>
<p>8 Shell, Energy Security Outlook 2025</p>
<p>9 Shell, Annual Report 2024</p>
<p>10 ibid</p>

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<strong>Company:</strong>
<p>Linde Plc </p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change </p>
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<strong>Focus Area:</strong>
<p>Data Centers, GHG Reduction and Targets, Renewable Energy </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>RESOLVED: </strong>Shareholders request that the Board of Directors adopt and publish a report, at reasonable cost and omitting proprietary and privileged information, disclosing if and how the Company could develop a policy guiding Linde plc’s (“Linde” or “the Company”) future procurement of renewable electricity.<br><br>In the board and management’s discretion, such a policy could:<br>1. Establish criteria to guide future procurement of renewable electricity across operations and geographic regions.<br>2. Describe the Company’s process for setting interim and long-term renewable electricity procurement targets in alignment with global decarbonization frameworks.<br>3. Detail how this policy will be governed, implemented, and periodically reviewed.</p>
<p><strong>Supporting Statement:</strong><br>The International Energy Agency (IEA)’s Net Zero scenario states that the global electricity sector must reach net zero emissions by 2040.1 As one of the world’s largest corporate electricity consumers,2 Linde should disclose a renewable energy procurement strategy to provide investors with insight into how future procurement decisions are governed, aligned with decarbonization frameworks, and managed.<br>Electricity consumption is central to Linde’s business model. The Company consumes 42.5 million megawatt-hours (MWh) of electricity annually3, more than the electricity consumption of Ireland,4 representing 25-30% of operating expenditures5, and generating 20.9 million metric tons of Scope 2 CO2e,6 equivalent to emissions of 5.5 coal-fired power stations.7<br><br>This level of electricity dependence exposes Linde to risks related to power availability, cost volatility, and grid reliability, which are expected to intensify as electricity demand from data centers more than doubles by 2030.8<br><br>Linde has also faced scrutiny for emissions reporting methodologies that make it difficult to verify its total climate impact.9 While Linde states that 47% of its electricity is sourced from low-carbon and renewable sources, this figure conflates actively procured renewable electricity with passive grid attribution, overstating progress, and limiting accurate assessment. This lack of clarity is compounded by Linde’s target to more than double low-carbon power sourcing to 28 terawatt-hours (TWh) by 2028 despite procuring only 6 TWh of active renewables in 2024.10<br><br>By contrast, peer Air Liquide, has set a 10 TWh renewable electricity target11, distinguishes active procurement in its disclosures12, and secured 2.5 TWh of power purchase agreements in 2024 alone13, offering investors greater transparency and confidence in progress.<br><br>A renewable electricity procurement policy could give clearer insights into how Linde manages material risks including energy market volatility, carbon price exposure, and growing regulatory requirements. Leading experts14 and comparable corporate electricity consumers, including Google15 and Apple16 emphasize that policy-level frameworks are essential for evaluating procurement options and aligning long-term planning with global decarbonization pathways.<br><br>For these reasons, we urge shareholders to vote FOR this proposal.<br>8</p>
<p> </p>
<p>1 https://iea.blob.core.windows.net/assets/deebef5d-0c34-4539-9d0c-10b13d840027/NetZeroby2050-ARoadmapfortheGlobalEnergySector_CORR.pdf<br>2 https://cdn.cdp.net/cdp-production/cms/reports/documents/000/007/967/original/CDP_Energy_Report_2024_.pdf?1731582839<br>3 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-cdp-response-climate-change.pdf<br>4 https://www.iea.org/countries/ireland/electricity<br>5 Carbon Disclosure Project (2023), Linde plc CDP Climate Change Questionnaire https://assets.linde.com/-/media/global/<br>corporate/corporate/documents/sustainable-development/2023-cdp-response-climate-change.pdf (pg 189)<br>6 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-sustainable-development-report.pdf<br>7 https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results<br>8 https://www.iea.org/reports/energy-and-ai<br>9 https://www.energyconnects.com/news/utilities/2025/october/the-world-s-biggest-consumers-of-electricity-are-hidden-in-plain-sight/<br>10 https://assets.linde.com/-/media/global/corporate/corporate/documents/sustainable-development/2024-sustainable-development-report.pdf<br>11 https://www.airliquide.com/sites/airliquide.com/files/2024-09/air-liquide-climate-transition-plan-september-2024.pdf<br>12 https://www.airliquide.com/sites/airliquide.com/files/2025-03/performing-sustainably-2024-air-liquide-has-progressed-all-extra-financial-indicators-its-advance_67ea39e0bc334.pdf<br>13 https://www.airliquide.com/group/press-releases-news/2025-02-12/air-liquide-signed-record-volumes-ppas-2024-securing-over-2500-gwh-low-carbon-electricity-and<br>14 https://www.granular-energy.com/insights/247-cfe-coalition-guidelines?<br>15 https://sustainability.google/stories/24×7/<br>16 https://www.apple.com/environment/pdf/Apple_Supplier_Clean_Energy_Program_Update_2022.pdf</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Madison Krieger</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>NorthStar Asset Management</span></div>
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<strong>Company:</strong>
<p>The Travelers Companies, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<strong>Focus Area:</strong>
<p>Climate Change </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS: </strong>The United States is facing a climate-related insurance crisis. National insurance underwriting losses have risen dramatically, reaching a 10-year high of $38 billion in 2023, primarily due to climate-related factors including more frequent and intense weather related natural disasters and storms, reinsurance price increases, and rebuilding related inflation.[1] While the industry returned to underwriting profitability in 2024 through aggressive rate increases and policy non-renewals, catastrophe losses remained elevated—2024 was the second-costliest year for such losses.[2]</p>
<p>Travelers, one of California’s largest home insurers, is no exception. Its catastrophe losses increased from $1.85 billion in 2021 to $3.33 billion in 2024.[3] In response, in 2024 Travelers requested approval to increase California rates by an average 15% for 320,000 policyholders and dropped policies in risky markets.[4] Yet, despite growing climate-related losses, Travelers continues to invest in and underwrite high carbon emitting companies. In 2024, Travelers had $1.9 billion invested in high-emitting companies.[5]</p>
<p>Increasing insurance rates and reducing insurance coverage in high-risk markets transfers the financial burden of climate change to policyholders, investors, and taxpayers. With nationwide insurance premiums increasing 34% between 2017 and 2023[6]— a rate 40% higher than inflation[7]— the number of Americans unable to afford insurance is increasing. The Consumer Federation of America estimates that 6.1 million households are uninsured, putting $1.6 trillion in property value at risk.[8]</p>
<p>As Travelers’ cancellations grow and climate-related rate increases outprice its customer base, it is unclear how Travelers will successfully maintain its homeowner business line, which makes up 50% of its personal insurance business.[9] </p>
<p>In Traveler’s TCFD climate risk discussion, the insurer notes it can reduce growing climate risk by adjusting its pricing and exposure in certain geographies — that is, by raising rates and reducing coverage.[10] However, Travelers fails to explain if or how it can retain sufficient homeowners’ policies to remain profitable as it makes these adjustments, especially as competition for limited markets grows. </p>
<p>Without transparent disclosure of how climate-driven pricing and coverage decisions affect customer retention and business viability, shareholders cannot adequately assess the long-term financial sustainability of Travelers’ largest personal insurance segment or evaluate the insurer’s response to escalating climate risks.</p>
<p><strong>BE IT RESOLVED: </strong>Shareholders request that Travelers provide, in its existing climate reporting, the expected impact of climate-related pricing and coverage decisions on the sustainability of its homeowners’ insurance customer base under a range of climate scenarios in the near, medium, and long-term.</p>
<p>[1] https://www.insurancejournal.com/news/national/2024/03/07/763884.htm </p>
<p>[2] https://www.insurancebusinessmag.com/us/news/property/pandc-returns-to-underwriting-profit-in-2024-529406.aspx </p>
<p>[3] https://investor.travelers.com/newsroom/press-releases/news-details/2025/Travelers-Reports-Exceptional-Fourth-Quarter-and-Full-Year-Results/default.aspx </p>
<p>[4] https://www.sfchronicle.com/california/article/travelers-insurance-rates-19441039.php </p>
<p>[5] https://investinginclimatechaos.org/data?org=Travelers </p>
<p>[6] https://www.insurancejournal.com/news/national/2024/09/26/794409.htm </p>
<p>[7] https://www.newyorker.com/news/the-financial-page/the-home-insurance-crisis-that-wont-end-after-hurricane-season </p>
<p>[8] https://climateandcommunity.org/research/insurance-financial-stability/ </p>
<p>[9] https://asset.trvstatic.com/download/assets/Travelers_SustainabilityReport2024.pdf/dd9536f6147211f0b1567e3dc6af4176, p.5</p>
<p>[10] https://asset.trvstatic.com/download/assets/Travelers_TCFDReport2024.pdf/db0c21f6147211f093342a4bfe896913 </p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Mary Zuccarello</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>As You Sow</span></div>
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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Berkshire Hathaway Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<strong>Focus Area:</strong>
<p>Climate Change </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS:  </strong>The United States is facing a national insurance crisis. In 2023, national insurance underwriting losses reached a 10-year high of $38 billion due to more frequent and intense weather-related disasters, reinsurance price increases, and related inflation.[1] To stay profitable amid increasing catastrophe losses, insurers have increased premiums nationwide and ended coverage in high-risk areas,[2] leaving many regions with inadequate protection. </p>
<p>Berkshire Hathaway’s (“Berkshire”) catastrophe losses have also escalated. Its estimated pre-tax losses reached $4.7 billion in 2022 and $1.5 billion in 2024.[3] Early data from 2025 estimates Berkshire’s losses from the California wildfires at $1.1 billion.[4] This follows a global trend: Munich Re reports insured global catastrophe losses reached $140 billion in 2024, marking the fifth consecutive year of losses exceeding $100 billion. </p>
<p>As one of the world’s largest property and casualty insurers,[5] Berkshire is amplifying the risk of catastrophic weather-related losses by continuing to invest in and underwrite significant levels of greenhouse gas (GHG) emitting activities. As reported by the Wall Street Journal, while most property and casualty insurance companies reduced the proportion of fossil fuels in their portfolios to a median of 1.8% in 2023 from 3.4% in 2014, Berkshire was one of two insurers that dramatically increased such investments. This drove the industry’s portfolio exposure up from 3.8% in 2014 to 4.4% in 2023,[6] above the S&P 500’s energy sector market capitalization of 3%.[7] Berkshire also ranks at the bottom of a survey of the 30 largest global insurers, as one of only five insurers to earn a score of zero for failing to put in place policies to reduce investments in and insuring of high-emitting activities.[8]</p>
<p>The first step to reducing GHG emissions is to measure them. By disclosing the GHG emissions from its investments in and insurance of high-carbon companies, Berkshire would gain critical insight into its contribution to future catastrophic weather-related losses and the associated portfolio risks. Initiating disclosure would also prepare Berkshire for regulatory disclosure requirements at both the state and international levels. </p>
<p>Other insurance companies are taking action. Travelers,[9] AIG,[10] and The Hartford[11] have begun disclosing GHG emissions from their investment activities. Most major European insurers, including AXA,[12] Allianz,[13] Zurich Insurance Group,[14] and Swiss Re[15] are also disclosing invested emissions. In contrast, Berkshire does not disclose its GHG emissions despite its substantial exposure to high-emitting companies. </p>
<p><strong>BE IT RESOLVED:  </strong>Shareholders request that Berkshire Hathaway issue a report, prepared at reasonable expense and omitting proprietary information, disclosing the greenhouse gas emissions associated with the Company’s underwriting and insuring activities.</p>
<p>[1] https://www.insurancejournal.com/news/national/2024/03/07/763884.htm </p>
<p>[2] https://www.ft.com/content/7745d8ba-d498-4b1c-b877-e42a691b954f </p>
<p>[3] https://www.berkshirehathaway.com/2024ar/2024ar.pdf </p>
<p>[4] https://www.berkshirehathaway.com/qtrly/1stqtr25.pdf </p>
<p>[5] https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/10/the-world-s-largest-property-and-casualty-insurers-2025-93316415 </p>
<p>[6] https://www.wsj.com/us-news/climate-environment/the-two-big-insurers-still-betting-on-fossil-fuels-fa31bb15 </p>
<p>[7] https://www.schwab.com/learn/story/stock-sector-outlook </p>
<p>[8] https://insure-our-future.com/scorecard/ </p>
<p>[9] https://asset.trvstatic.com/download/assets/Travelers_TCFDReport2024.pdf/db0c21f6147211f093342a4bfe896913 </p>
<p>[10] https://www.aig.com/content/dam/aig/america-canada/us/documents/about-us/report/aig-sustainability-report-2024.pdf </p>
<p>[11] https://assets.thehartford.com/image/upload/cdp_project_submission.pdf</p>
<p>[12] 8b8dfa69-13e3-4c34-bae3-8fb939102a2d_axa_climate_and_biodiversity_report_2024_va.pdf</p>
<p>[13] https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/investor-relations/en/results-reports/annual-report/ar-2024/en-allianz-group-annual-report-2024.pdf </p>
<p>[14] https://view.officeapps.live.com/op/view.aspx?src=https%3A%2F%2Fedge.sitecorecloud.io%2Fzurichinsur6934-zwpcorp-prod-ae5e%2Fmedia%2Fproject%2Fzurich%2Fdotcom%2Fsustainability%2Fdocs%2Fsr-2024-data.xlsx&wdOrigin=BROWSELINK </p>
<p>[15] https://www.swissre.com/dam/jcr:84dfce47-e0fe-468a-9f57-55c1c74c9b3a/2024-sustainability-report-CTP-extract-en.pdf </p>

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<strong>Company:</strong>
<p>Chubb Limited</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
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<strong>Focus Area:</strong>
<p>Climate Change </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS:</strong>  The United States is facing a homeowners insurance crisis. In 2023, national insurance underwriting losses reached a 10-year high of $38 billion due to more frequent and intense weather-related disasters, inflation costs associated with rebuilding, and reinsurance price increases.[1] 2024 followed as the second-costliest year for catastrophe losses since 2005.[2]</p>
<p>The insurance industry has responded with aggressive rate increases and policy non-renewals. Between 2017 and 2023, homeowners’ premiums increased nationwide by 34% and another 10.4% in 2024.[3] Approximately 1.9 million insurance contracts have not been renewed since 2018.[4]  </p>
<p>While price hikes and non-renewals preserve short-term insurance company profitability, they threaten the sustainability of the homeowners insurance customer base. They also create risk for financial markets. Homeowners insurance enables access to mortgage loans necessary for home purchases; home sales support a range of other businesses while generating property tax revenue for local and state governments. When insurance becomes unaffordable or unavailable, home sales slow, property values decline, and cascading shocks ripple across the housing market and the broader economy. </p>
<p>One important means by which insurance companies can stem this crisis is to offset their catastrophe losses through subrogation, an industry practice where insurers pursue contributions for claim payments made from responsible third parties. Seeking contributions from responsible parties not only helps reduce costs borne by insurance companies but maintains affordable premiums and ensures that responsible parties are held accountable for the damage they cause. </p>
<p>Chubb experienced $2.4 billion in pre-tax catastrophe losses in 2024 compared with $1.8 billion in 2023.[5] Seeking compensation from parties responsible for causing climate change will allow Chubb to successfully maintain its homeowner business line and serve its customers responsibly.</p>
<p>Attribution science has developed sufficiently to assign responsibility for climate change to responsible parties.[6] It can also assess the frequency and intensity of certain types of extreme weather attributable to climate change.[7] Accordingly, recent legislative proposals in California[8] and Hawaii[9] have encouraged insurers to pursue subrogation claims against high-emitting companies for climate-related damages. </p>
<p>Chubb has not disclosed whether it is exploring opportunities to recover climate-related damages from responsible parties, even though such actions could reduce claim-related losses, preserve shareholder value, and improve insurance affordability and availability. </p>
<p>Shareholders would benefit from understanding whether management is considering this cost-recovery opportunity, the rationale for its approach, and how such strategies could affect the Company’s financial performance under various climate scenarios.</p>
<p><strong>BE IT RESOLVED:  </strong>Shareholders request that Chubb issue a third-party report assessing if and how pursuing subrogation claims for climate-related losses would benefit the Company and its insureds, omitting proprietary information, and at reasonable expense.</p>
<p>[1] https://www.insurancejournal.com/news/national/2024/03/07/763884.htm </p>
<p>[2] https://www.insurancebusinessmag.com/us/news/property/pandc-returns-to-underwriting-profit-in-2024-529406.aspx </p>
<p>[3] https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/1/us-homeowners-rates-rise-by-double-digits-for-2nd-straight-year-in-2024-87061085 </p>
<p>[4] https://www.nytimes.com/interactive/2024/12/18/climate/insurance-non-renewal-climate-crisis.html </p>
<p>[5] https://www.businessinsurance.com/chubb-q4-profit-down-amid-higher-catastrophe-losses/; A Senate Budget Committee probe revealed that climate change is driving this increasing non-renewal rate, https://www.budget.senate.gov/imo/media/doc/next_to_fall_the_climate-driven_insurance_crisis_is_here__and_getting_worse.pdf </p>
<p>[6] https://www.nature.com/articles/s41586-025-08751-3 </p>
<p>[7] https://www.nature.com/articles/s41467-023-41888-1 </p>
<p>[8] https://sd11.senate.ca.gov/news/la-turns-recovery-senator-wiener-introduces-bill-boost-insurance-affordability-allow-victims </p>
<p>[9] https://legiscan.com/HI/bill/SCR198/2025</p>

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<strong>Company:</strong>
<p>Newmont Mining Corporation</p>
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<strong>Year:</strong>
<p>2026 </p>
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<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Climate Change, Environment </p>
</div>

<div class=”row-info”>
<strong>Focus Area:</strong>
<p>Environmental Justice </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS:</strong>  According to Parnassus Investments, companies that fail to manage and reduce their pollution impacts increase exposure to material financial risks, including heightened regulatory scrutiny, potential litigation, operational disruptions, and damage to brand reputation.[1] This is particularly true when company actions create environmental injustice, which amplifies the impacts of the climate crisis on already overburdened communities, reducing their capacity to adapt and recover from climate harm.[2]  Investors recognize that unmanaged environmental justice risks can disrupt operations, weaken competitiveness, and erode long-term shareholder value.  </p>
<p>Newmont operates in the pollution heavy materials sector, with international mining operations across the globe.[3] Newmont Corporation’s global portfolio includes projects, such as Yanacocha in Peru, Akyem in Ghana, and the former Buyat Bay operation in Indonesia, each of which are documented as having significant impacts on surrounding communities, including land displacement, environmental harms, and disputes over water contamination.[4] Similarly, the Company’s operations at the Cripple Creek & Victor Gold Mine in Colorado have raised concerns about the permissible level of air pollution in surrounding communities.[5] </p>
<p>Such incidents which undermine community trust and create tangible social and environmental risks can translate into material operational, financial, and reputational risks for the Company. Community opposition, legal challenges, regulatory scrutiny, and reduced license to operate can disrupt production and increase costs and long-term operating stability. </p>
<p>Newmont’s 2020 global Sustainability and Stakeholder Engagement Policy acknowledges the need to “build trust with communities through transparent and respectful stakeholder engagement and as responsible stewards of the environment in accordance with the principles of sustainable development”.[6] However, the Company has not conducted environmental justice assessments or audits regarding the scope and impact of any of their operations or disclosed such information. Conducting environmental justice audits would assist Newmont in mitigating adverse impacts on affected communities while reducing legal liabilities and brand damage.</p>
<p><strong>BE IT RESOLVED:  </strong>Shareholders request that Newmont, at reasonable cost and omitting proprietary information, disclose an evaluation conducted by an independent third-party of the impacts of its operations on communities adjacent to mining operations wholly owned by the Company. </p>
<p>[1] https://www.parnassus.com/updates/article/investment_case_for_environmental_justice</p>
<p>[2] https://news.climate.columbia.edu/2020/09/22/climate-change-environmental-justice/</p>
<p>[3] https://operations.newmont.com </p>
<p>[4] https://www.ghanaenvironment.com/calls-for-newmont-to-fix-deplorable-roads-deepens-as-traditional-leaders-raises-concerns/; https://earthworks.org/blog/peruvian-communities-challenge-newmont-mining-operations-as-investors-meet/; https://earthworks.org/blog/buyat_bay_and_ratatatok  </p>
<p>[5] https://peer.org/gold-mine-expansion-ok-shows-broken-air-permit-process/ </p>
<p>[6] https://s24.q4cdn.com/382246808/files/doc_downloads/2020/11/Sustainability-and-Stakeholder-Engagement-Policy.pdf </p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Olivia Knight</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>As You Sow</span></div>
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<strong>Company:</strong>
<p>Wells Fargo & Company</p>
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<strong>Year:</strong>
<p>2026 </p>
</div>
<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Climate Change </p>
</div>

<div class=”row-info”>
<strong>Focus Area:</strong>
<p>Climate Financing, GHG Reduction and Targets, Sustainability Reporting, GHG Emphasis </p>
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<strong>Status:</strong>
<p>Filed</p>
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<p><strong>WHEREAS:</strong>  Wells Fargo recently withdrew its 2030 and 2050 financed emissions reduction targets and has not disclosed an alternative strategy for managing risk associated with these emissions.[1] The bank’s actions create an information vacuum that prevents investors from evaluating whether Wells Fargo is fully identifying and addressing its climate-related financial risk. Among these risks, climate-related litigation exposure represents an increasingly material threat to Wells Fargo— particularly given the bank’s position as the fifth largest financier of high carbon activities in the world.[2]</p>
<p>Climate attribution science and global legal precedents are strengthening the basis upon which financial institutions can be held accountable for their contributions to climate-related damages. Researchers can now quantify companies’ contributions to climate impacts and related economic losses. A study published in Nature demonstrates this capability: using emissions data from major fossil fuel companies, peer-reviewed attribution methods, and empirical climate economics, researchers calculated trillions of dollars in economic losses attributable to emissions from individual carbon majors.[3]  Recently, a court accepted attribution evidence and allowed a climate case to proceed on that basis.[4] </p>
<p>This scientific advancement alters the legal landscape for institutions that finance climate-damaging activities. By financing carbon majors whose emissions can now be directly traced to specific harms, banks like Wells Fargo may face claims that their lending decisions have contributed to climate-related harm. </p>
<p>Climate cases are already proceeding against banks. A recent lawsuit against BNP Paribas explicitly alleges that the bank’s financing of high-carbon sectors makes it complicit in climate damages.[5] Similarly, a case filed in the Netherlands claims that ING Bank is violating Dutch duty of care principles and European human rights law by financing high-carbon sectors.[6] </p>
<p>Other climate-related decisions are further altering the legal landscape. The International Court of Justice and the Inter-American Court of Human Rights recently issued advisory opinions finding that states have legal obligations to reduce greenhouse gas emissions and protect the environment and humans from climate-related harms, including through the regulation of high-carbon activities.[7],[8] Although non-binding, these opinions reinforce states’ legal duties to act and the strength of climate science.</p>
<p>As attribution science strengthens and courts increasingly accept the causal link between financing decisions and climate damages, Wells Fargo’s substantial financing of high-carbon activities, combined with its retreat from financed emission targets, creates material litigation risk. Comprehensive assessment and disclosure of these litigation risks and potential mitigation actions are essential for shareholders to assess Wells Fargo’s risk management capabilities and long-term strategy. </p>
<p><strong>BE IT RESOLVED:</strong>  Shareholders request that Wells Fargo issue a report, at reasonable expense and excluding confidential information, that evaluates and describes the range of climate-related litigation risks associated with its financing of high-carbon activities.</p>
<p>[1] https://www.reuters.com/sustainability/climate-energy/wells-fargo-drops-financed-emissions-target-amid-esg-rethink-2025-02-28/ </p>
<p>[2] https://www.bankingonclimatechaos.org/wp-content/uploads/2025/06/BOCC_2025_FINAL4.pdf </p>
<p>[3] https://www.nature.com/articles/s41586-025-08751-3                                   </p>
<p>[4] https://blogs.law.columbia.edu/climatechange/2025/06/19/what-lliuya-v-rwe-means-for-climate-change-loss-and-damage-claims/ </p>
<p>[5] https://www.climatecasechart.com/document/notre-affaire-a-tous-les-amis-de-la-terre-and-oxfam-france-v-bnp-paribas_1736 </p>
<p>[6] https://www.climateinthecourts.com/dutch-climate-campaigners-sue-the-netherlandss-largest-bank/ </p>
<p>[7] https://elaw.org/historic-international-court-decisions-on-climate </p>
<p>[8] https://www.iisd.org/articles/deep-dive/icj-advisory-opinion-climate-change </p>

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>BJ's Wholesale</p>
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<strong>Year:</strong>
<p>2026 </p>
</div>
<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Climate Change, Sustainability </p>
</div>

<div class=”row-info”>
<strong>Focus Area:</strong>
<p>Climate Change, GHG Reduction and Targets </p>
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<div class=”row-info”>
<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>WHEREAS: Climate change-driven impacts could erase trillions in global GDP by 2050, posing</p>
<p>macroeconomic risks that may substantively depress returns for long-term diversified investors.[1],[2]</p>
<p>Without significant near-term action to mitigate greenhouse gas (GHG) emissions, climate change is predicted to drive severe and costly weather events for many decades.[3],[4] For companies like BJ’s that rely on a consistent supply of high-quality agricultural products, climate change can pose financial risk as droughts, floods, and heat waves increasingly challenge farmers and meat producers in its supply chain .[5],[6] </p>
<p> </p>
<p>In 2021, BJ’s identified its climate strategy, energy consumption, and operational and supply chain GHG emissions as material to its business and subsequently committed to set emissions reduction targets. It later narrowed the scope of its planned targets significantly from its full value chain to its operational emissions. However, in 2025, it abandoned its commitment and removed all sustainability-related disclosure from its website including all previous corporate responsibility reports.   </p>
<p> </p>
<p>This significant reversal raises concerns about company leadership’s execution on its commitments. Further, BJ’s actions are squarely at odds with trends in corporate climate commitments. In its review of 2024 CDP disclosures, PwC writes that, in contrast to recent headlines, companies increased their climate ambition at a rate of 37%, far outweighing those in retreat.[7] The Conference Board draws an identical conclusion, noting that “companies with deep operational integration, value-creation alignment, and stable leadership have proven the most resilient [in keeping their commitments] despite shifting political environments.”[8] </p>
<p> </p>
<p>Moreover, BJ’s industry peers such as Costco, ALDI, Kroger, and Albertson’s have set GHG emissions reduction targets and annually publish progress on sourcing clean energy, reducing refrigerant emissions, and minimizing food waste. BJ’s could do the same.  </p>
<p> </p>
<p>With 30% of the votes cast in favor of this same resolved clause in 2025, we believe it is incumbent upon the company to take concrete steps to respond to investor concerns. In addition, we believe the proposal provides ample flexibility such that board and management can fulfill their respective fiscal responsibilities while driving environmental improvements.  </p>
<p> </p>
<p>RESOLVED: Shareholders request BJ’s issue a report, above and beyond existing disclosures, describing if and how it could increase the scale, pace, and rigor of its GHG emissions reduction efforts. The report should be updated annually, prepared at reasonable cost, and omit proprietary information.</p>
<p>SUPPORTING STATEMENT: In determining relevant content for the report, we recommend, at management’s discretion, taking into consideration:</p>

Approaches used by advisory groups like the Science Based Targets initiative.
Describing strategies, initiatives, metrics, and milestones it could employ to reduce emissions.
The feasibility of setting targets for renewable energy, energy efficiency, and refrigerant emissions reduction and other measures deemed appropriate by management. 

<p> </p>
<p>[1] https://www.nber.org/system/files/working_papers/w32450/w32450.pdf</p>
<p>[2] https://www.esgdive.com/news/climate-related-financial-risk-to-more-than-triple-by-2050-lseg/803381/</p>
<p>[3] https://www.ipcc.ch/report/ar6/syr/resources/spm-headline-statements/</p>
<p>[4] https://www.undrr.org/gar/gar2025</p>
<p>[5] https://www.usatoday.com/story/news/nation/2025/06/20/climate-change-agriculture-food-supply/84284326007/</p>
<p>[6] https://www.sciencedirect.com/science/article/pii/S0048969724011860</p>
<p>[7] https://www.pwc.com/us/en/services/esg/library/assets/pwc-sustainability-decarbonization-2025.pdf</p>
<p>[8] https://corpgov.law.harvard.edu/2025/05/03/corporate-climate-disclosures-and-practices-risk-emissions-and-targets/</p>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Andrea Ranger</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Trillium Asset Management Corporation</span></div>
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<strong>Company:</strong>
<p>NVR, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
</div>
<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Climate Change </p>
</div>

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<strong>Focus Area:</strong>
<p>Environmental Reporting, Sustainability Reporting, GHG Emphasis </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS</strong>:  The home building industry is carbon-intensive, with emissions concentrated in the upstream production of building materials and the downstream energy use of homes, which accounts for about 20% of U.S. greenhouse gas (GHG) emissions.[1] To reduce the magnitude of these emissions, the residential sector is increasingly the focus of climate-related regulations that require low-carbon energy sources and increased energy efficiency in newly built homes. Home customers, too, are demanding more energy efficient homes to reduce their energy costs, and investors continue to value companies with clear climate-related disclosures and low carbon transition plans. </p>
<p>NVR, a leading residential construction company operating across 16 states, has not set GHG reduction targets. It also fails to disclose its GHG emissions – information critical to determining the Company’s progress in reducing its exposure to climate-related risks and demonstrating its regulatory readiness and competitiveness with peers.  </p>
<p><strong>Rising State Regulations </strong></p>
<p>Municipal and state governments are increasingly adopting climate-related building regulations, including restrictions on gas appliances in new homes.[2] Many states are also tightening their clean energy standards and emissions disclosure requirements. California’s first GHG disclosure requirements will go into effect in 2026.[3] In its SEC filings, NVR acknowledges that climate-related regulations are a potential material risk factor,[4] yet, it fails to provide emissions disclosure to assist investors in evaluating the Company’s climate risk and transition progress. </p>
<p><strong>Competitors’ Disclosures Highlight NVR’s Disadvantage</strong></p>
<p>NVR’s lack of emissions and transition planning disclosure also prevents investors from evaluating its performance against competitors. D.R. Horton reports operational emissions, while PulteGroup, Taylor Morrison Homes, and KB Home disclose both their operational and value chain emissions.[5] Additionally, while NVR states that it uses certain energy-efficient appliances and, in 2024 disclosed the average energy efficiency of its homes,[6] those homes lagged the energy efficiency scores of peers including PulteGroup, Taylor Morrison Homes, and KB Home.[7]</p>
<p>NVR’s lack of transparency denies investors the ability to adequately assess its climate-related risk and its ability to take advantage of market opportunities at a time when capital markets are increasingly demanding such information. By disclosing its year-on-year emissions, NVR can demonstrate its competitiveness, responsiveness to regulatory risk, and provide investors with confidence that the Company is prepared to thrive in a low-carbon economy.</p>
<p><strong>BE IT RESOLVED</strong>:  Shareholders request the Board issue a report, at reasonable expense and omitting proprietary information, disclosing its greenhouse gas emissions.</p>
<p>[1] https://www.pnas.org/doi/10.1073/pnas.1922205117?utm_= </p>
<p>[2] https://buildingdecarb.org/zeb-ordinances </p>
<p>[3] https://ww2.arb.ca.gov/our-work/programs/california-corporate-greenhouse-gas-ghg-reporting-and-climate-related-financial </p>
<p>[4] https://nvri.gcs-web.com/static-files/92d90ad3-e063-4f95-9be7-44cd24a16bbb, p.8</p>
<p>[5] https://investor.drhorton.com/~/media/Files/D/D-R-Horton-IR/documents/fy23-dr-horton-inc-esg-report.pdf, p.79; https://s204.q4cdn.com/680895981/files/doc_downloads/2024/2024_Sustainability_Report_v-4.pdf, p.16; https://s27.q4cdn.com/448041563/files/doc_downloads/2025/07/9644-BMC-ESG-2024-051925-digital.pdf, p.51; https://s201.q4cdn.com/124745054/files/doc_downloads/2025/04/21/2024-Sustainability-Report_FINAL.pdf, p.53</p>
<p>[6] https://nvri.gcs-web.com/static-files/9d8e2a96-ce6f-440b-a245-60892ad2b323, p.9</p>
<p>[7] https://www.pulte.com/energy-star-builder; https://s27.q4cdn.com/448041563/files/doc_downloads/2025/07/9644-BMC-ESG-2024-051925-digital.pdf; https://investor.kbhome.com/environmental-social-and-governance-esg/environmental/default.aspx</p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Kelly Poole</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>As You Sow</span></div>
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Strategy Disclosure for Declining Oil and Gas Demand