Support for management resolution on Barclays’ commitment to tackling climate change

Norges Bank Investment Management will vote in favour of resolution 29 (Barclays’ commitment to tackling climate change). We will support all other proposals with the exception of resolution 30 (ShareAction requisitioned resolution) at the company's Annual General Meeting on May 7th, 2020.

1 May 2020

Our rationale

We will support management's proposal to set an ambition for Barclays to be a net zero bank by 2050, to set a strategy for transitioning its provision of financial services to align with the goals and timelines of the Paris Agreement, and to report annually on the company's progress under this strategy.

We expect all companies in our portfolio to be transparent about their strategy for calculating, disclosing and reducing greenhouse gas emissions in their operations and value chain. As part of these efforts, companies should take into consideration a transition to a low-emissions economy consistent with a 2 degrees Celsius or lower scenario. The exact nature of implementation, such as the magnitude, frameworks and timelines for emissions reduction, should be determined by the board and management. Quantifying the greenhouse gas emissions of banks' financing operations is an area where methodologies are still being developed. As these methods become standardised and operationally practicable, we will expect banks to set time-bound, quantitative reduction targets for financed emissions.

We look forward to following the development of Barclays climate change strategy and commitments.

Important legal notice

NBIM’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. NBIM’s voting intention is an internal decision and has not been agreed with any other shareholders. NBIM is not subject to any prohibition on dealing after the publication of this disclosure. NBIM’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.

Our climate change expectations