On March 8, 2023, the French Financial Market Authority (AMF) published a press release encouraging listed companies to submit “Say on Climate” resolutions for shareholder approval every year, following the publication of the Climate and Sustainable Finance Commission’s (CCFD) position on climate resolutions. While the AMF says it is up to legislators to define the modalities, it is also in favor of making these resolutions a legal requirement. Reclaim Finance welcomes this stance, which comes ahead of the 2023 general meeting season, when many companies are seeking to avoid being accountable to their shareholders on their climate strategy. While the AMF’s statements show the importance of investors’ “Say on Climate” requests, legislation to require these resolutions will help to reinforce shareholder dialogue.
