The Church of England Pensions Board has announced plans to vote against the re-election of National Grid chair, Paula Rosput Reynolds, and chief executive officer, John Pettigrew, due to a failure to produce disclosure on the company’s climate change lobbying activities.

In addition to this, the Pensions Board confirmed its intent to vote against a resolution, put forward by National Grid management, requesting shareholder support to make large political donations (up to £125,000).

The votes will be lodged in advance of the company’s Annual General Meeting (AGM) in July.

Church of England Pensions Board director, climate and environment, Laura Hillis, commented: “National Grid has been a Climate Action 100+ focus company for five years, and as part of this, has been urged by shareholders including the pensions board, to produce regular, transparent disclosures on their own climate policy positions and that of their industry associations.

“Unfortunately, despite repeated efforts to engage this company on this issue, they have not yet committed to produce a report. The company is now one of only two European utilities engaged by Climate Action 100+ to have failed to provide its investors with this disclosure.

“For this reason, we are voting against the re-election of the chair and CEO, who are responsible for providing clear, timely and transparent disclosure on important issues to the company’s shareholders.”

Pensions Age has contacted the National Grid for comment.

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