[LONDON] British billionaire Chris Hohn is aiming to force hundreds of US and European companies to slash their greenhouse gas emissions by enlisting global investors to demand an annual vote on their climate plans at shareholder meetings.
Mr Hohn, who has emerged as a major investor voice on climate change, set a precedent last month by using a shareholder resolution to force Spanish airports operator Aena to draft a new climate plan and submit it to an annual vote. Mr Hohn, founder of the TCI hedge fund, aims to replicate that model at many more companies in the next two years by mobilising investors to sponsor similar resolutions as part of his new Say on Climate campaign.
"Of course, not all companies will support the Say On Climate. There will be fights, but we can win the votes," Mr Hohn told a webinar with representatives of pension funds and insurance companies on Thursday. Mr Hohn's Children's Investment Fund Foundation said the funds taking part represented more than US$3 trillion in assets. The webinar was later posted on the Say on Climate website.