The Church of England Pensions Board will vote in favour of a climate risk exposure and management disclosure resolution at the upcoming AGM of Macquarie Group Limited, an Australian financial institution. The resolution has been filed by a group of shareholders that includes Australian Ethical.
The proposed resolution calls for greater transparency and responsibility from Macquarie Group regarding the extent of its fossil fuel-related exposure and how these are being assessed for alignment with the company’s commitment to reach net zero by 2050.
“This is a reasonable proposal that we are pleased to support, as it will help us assess the transition plans, strategy, and approach of Macquarie Group,” said Laura Hillis, Director of Climate and Environment at the Church of England Pensions Board. “Banks have a critical role to play in enabling the transition to net zero, and without further information, we cannot determine whether Macquarie Group is moving away from fossil fuel financing and investment quickly enough. Despite the significant risks associated with a disorderly transition to net zero, fossil fuel lending by Macquarie Group increased in FY24 compared to previous years. This is particularly concerning as the banks policy and fossil fuel financing contrasts with their Australian peers.”
The banking sector plays a pivotal role in driving the energy transition – by shifting away from fossil fuel financing, investing in climate solutions, supporting clients in their own net zero journeys, and influencing public policy to foster a stable financial system. Recognising this, the Church of England Pensions Board has made engagement with banks a cornerstone of our responsible investment strategy.
Macquarie Group’s AGM takes place on 24 July 2025.
