Wells Fargo, Citi, BofA Shareholders Rebuff Climate Proposals

Shareholders at Bank of America, Wells Fargo and Citigroup voted against a series of climate proposals on Tuesday at the banks’ annual meetings.

Activist shareholders had proposed a slew of proposals seeking sweeping climate commitments such as a phasing out financing of new fossil fuel exploration and development. The proposals added to regulatory pressure by the Biden administration over the financial industry’s climate impact.

The proposal calling on Bank of America to cease financing new fossil fuel exploration and development secured only 7% support. Another environmental proposal gained support from 28.5% of investors. That proposal pushed Bank of America ...