An investor coalition, representing 2.18 trillion euros ($2.4 trillion) in assets announced that its proposal asking Credit Suisse to improve its climate risk disclosures will remain on the company’s proxy ballot, despite the Swiss bank recently enhancing its climate commitments.

On March 7, 11 institutional investors coordinated by ShareAction filed a proposal asking Credit Suisse to reduce its exposure to coal, oil, and gas assets in a timeline consistent with the 1.5°C Paris Agreement goal.

ShareAction said that the bank “continues to heavily finance the oil & gas industry,” despite publishing a new coal policy at the United Nations Climate Change Conference (COP26) in November 2021.

In response to pressure from shareholders, Credit Suisse committed to tightening its Arctic oil & gas sands policies. The bank will also submit its sustainability report to a “say on climate” vote at its 2023 annual meeting.

While ShareAction commended the “important steps forward” Credit Suisse is taking, the responsible investment organization revealed that these commitments “remain insufficient for investors, as they fail to cover the bank’s main financing and exposures to high-carbon assets.”

“Credit Suisse has today missed an opportunity to start afresh, restore trust, and make tackling climate risk core to the group’s mission by failing to support our investor-led resolution,” said Jeanne Martin, senior campaign manager at ShareAction, in a press release. “Whilst we welcome the bank’s recent climate commitments, these fail to cover the bulk of the bank’s financing and exposure to high-carbon assets.”

Investors noted that the bank’s disclosures and targets still fail to capture capital markets activities, despite these representing “the majority of the bank’s financing to new oil & gas activities.”

Additionally, the bank has also not addressed a number of the requests made by investors to tighten its thermal coal policy, such as providing further information on how it assesses companies’ coal transition strategies.

As such, ShareAction’s proposal will be subject to a vote at the bank’s April 29 annual meeting.