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SEC allows Wells Fargo, Goldman Sachs to block shareholder climate proposal

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SEC allows Wells Fargo, Goldman Sachs to block shareholder climate proposal

The SEC allowed Wells Fargo & Co. and Goldman Sachs Group Inc. to block a climate-related shareholder proposal asking them to reduce the full carbon footprint of their loan and investment portfolios in alignment with the 2015 Paris Agreement.

The two banking giants in December 2018 filed motions with the SEC to exclude from their proxies a shareholder resolution filed by As You Sow Foundation, an environmental and social advocacy group

In a March 12 letter in response to Goldman, the SEC wrote that there "appears to be some basis" for the company's view that it may exclude the proposal. The SEC added that the proposal would micromanage the company "by seeking to impose specific methods for implementing complex policies in place of the ongoing judgments of management as overseen by its board of directors."