Goldman, BofA Investors Nix Fossil Fuel Energy Financing Bid (1)

Shareholders at Goldman Sachs and Bank of America Wednesday voted against proposals seeking disclosures comparing their financing of low-carbon energy supplies versus fossil fuels.

The New York City Employees’ Retirement System had wanted banks to report their total financing for low-carbon energy projects relative to their financing of fossil fuel initiatives. The ratio, the investor group said, would help shareholders better track the progress the banks have made financing the transition away from fossil fuels.

The New York City Employees’ Retirement System had $148.76 million invested in Goldman Sachs and $241.31 million in Bank of America as of December. The ...