The Interfaith Center on Corporate Responsibility (ICCR) has announced that shareholder proposals seeking enhanced climate reporting will be subject to a vote at major U.S. and Canadian banks, despite no-action challenges by three of the banks.

In the March 28 announcement, ICCR said that proposals asking Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Wells Fargo, Bank of Montreal, and Toronto Dominion Bank to end financing for new fossil fuel development would be subject to a vote.

Two additional proposals, filed by the Investors for Paris Compliance and British Colombia General Employees’ Union (BCGEU), asked the Royal Bank of Canada to update its criteria for sustainable finance to preclude fossil fuel activity and projects facing significant opposition from indigenous peoples, and to implement a policy to preclude the privatization of heavily polluting assets.

The shareholders responsible for filing the proposals include Trillium Asset Management, Harrington Investments, Sierra Club Foundation, Mercy Investment Services, SumofUs, Green Century Capital Management, and As You Sow.

Citigroup, JPMorgan Chase, and Morgan Stanley all filed no-action requests with the Securities and Exchange Commission (SEC), seeking to omit the proposals from their 2022 proxy statements. All three requests were denied by the U.S. regulator.

ICCR said that these banks were chosen by its members due to their penchant for funding the fossil fuel industry. The top six U.S. banks alone provided more than $1 trillion in fossil fuel financing in the years following the establishment of the Paris Agreement in 2015.

Harrington Investments founder John Harrington called the banks’ existing commitments to achieve net-zero financed emissions by 2050 “meaningless based on their current financing of fossil fuels.”

“What the banks call their commitments are simply statements that cannot be mandated or enforced by current corporate law or legal statute and represent no change in corporate policy,” he said.

Trillium’s Director of Shareholder Advocacy, Kate Monahan, said that the banks’ commitments to align with various science-based models and frameworks are at odds with their failure to cease funding new fossil fuel development.

In 2021, some 39 environmental shareholder proposals went to a vote at annual meetings in the U.S. according to Insightia Voting data, receiving an average of 44.3% support.