Deutsche Bank must listen to the International Energy Agency: No new investments in fossil fuels!

Our statement for the Annual General Meeting 2021 of Deutsche Bank

Dear Shareholders,

In 2015, Deutsche Bank vowed to support the Paris Agreement [1]. However, since then, Deutsche Bank’s actions have not matched its rhetoric.

Since the Paris Agreement was signed, Deutsche has been a major financier of coal, oil and gas. According to the Banking on Climate Chaos report, between 2016-2020, Deutsche provided US$30.438 billion to companies responsible for expanding fossil fuels [2]. These investments seriously undercut Deutsche Bank’s claims to support climate protection.

The Intergovernmental Panel on Climate Change (IPCC) has been clear that limiting global warming to 1.5ºC avoids many of the more severe impacts that would occur at 2ºC of warming [3]. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/deutsche-bank/deutsche-bank-must-listen-to-the-international-energy-agency-no-new-investments-in-fossil-fuels/

Two days ahead of Uniper’s AGM, Dutch state asks German court to review legal basis for compensation claims

  • Uniper uses Energy Charter Treaty to stifle measures to combat climate crisis
  • Energy utility’s fossil gas strategy incompatible with UN Climate Agreement
  • Supply chain deals reveal weak Human Rights standards

Today, the Dutch government announced it was asking a German court whether the arbitration cases brought forward by RWE and Uniper have a legal basis. The two German utilities had recently filed compensation claims under the Energy Charter Treaty framework (ECT) against the Dutch state for its coal phase-out. The Netherlands’ announcement comes two days ahead of Uniper’s annual general meeting.
 
„The ministry is of the opinion that the Coal Prohibition Act has been carefully drawn up and is the result of thorough democratic decision-making, in which all interests have been carefully weighed. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/uniper-2/two-days-ahead-of-unipers-agm-dutch-state-asks-german-court-to-review-legal-basis-for-compensation-claims/

Financing the fossil energy sector makes Deutsche Bank a climate offender: Our countermotion

Re Agenda Item 2: Ratification of the acts of management of the members of the Management Board for the 2020 financial year

Association of Ethical Shareholders Germany proposes that ratification of the acts of management of the Management Board be refused.

Reasons

The Management Board of Deutsche Bank continues to pursue a course of action that is incompatible with the goals of the Paris Agreement on Climate Change.

Because it provides finance to the fossil fuels sector, Deutsche Bank is part of the problem

Although Deutsche Bank toughened up its environmental policies last July and has subjected a greater number of coal and other fossil fuel companies to review and exclusion, it still remains a significant source of finance for fossil fuels. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/deutsche-bank/financing-the-fossil-energy-sector-makes-deutsche-bank-a-climate-offender-our-countermotion/

Controversial arms exports, climate protection and dividends despite short-time working: Our questions to Rheinmetall

Questions on dividend and appropriation of net income:

  • Last year you made use of short-time working, but now you want to distribute a dividend of 2.00 euros per share and thus 86 million euros in total. In your dividend policy, have you taken into account the current situation with regard to short-time working allowance, that this is currently de facto tax-financed and therefore more of a state aid in the Corona crisis than an insurance benefit?
  • In your annual report, you state that you have saved personnel costs of 33 million euros through short-time working. According to trade union information, unlike the majority of other companies in the sector, you have not topped up your employees’ short-time allowances.
Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/rheinmetall-en/controversial-arms-exports-climate-protection-and-dividends-despite-short-time-working-our-questions-to-rheinmetall/

“Talk to us and see for yourselves”: Letter from Gunarti to the shareholders of HeidelbergCement

Gunarti (left) at the HeidelbergCement Annual General Meeting 2017

Gunarti is a mother, grandmother and farmer, like her parents and grandparents. Gunarti (who, like many people on the Indonesian island of Java, has only one name) belongs to the Samin indigenous group and is a member of the Network of People who Care about the Kendeng
Mountains (JMPPK). JMPPK has been campaigning for years for the preservation of the karst mountains, which with their underground watercourses are indispensable for local agriculture. The construction of cement factories in the Kendeng Mountains, planned among others by Indocement, the subsidiary of the German HeidelbergCement, would deprive the local smallholders of their livelihood.
Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/heidelbergcement-en/talk-to-us-and-see-for-yourselves-letter-from-gunarti-to-the-shareholders-of-heidelbergcement/

Would it have made a difference? Marikana, BASF and the Supply Chain Act

From 2023, legislation will rule how BASF must meet its own human rights due diligence obligations. Would the Supply Chain Act have helped BASF respond more seriously to the apparent abuses at its then largest platinum supplier, Lonmin, after the Marikana massacre nine years ago? The answer to this question exposes the advantages, but also the shortcomings, of the bill currently being debated in German parliament.

By Tilman Massa, Ethical Shareholders Germany

German companies have had long enough to prove that they voluntarily comply with UN standards on respecting human rights in their supply chains. After it finally became clear last year that over 80 percent were not even close to doing so, the German government drew the consequences and cleared the way for a legal regulation. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/basf-se/would-it-have-made-a-difference-marikana-basf-and-the-supply-chain-act/

Missed climate targets, untrustworthy control: Our countermotions

Re agenda item 2: Adoption of a resolution on the appropriation of profit

The Association of Ethical Shareholders Germany proposes that the appropriation of profit proposed by the management be rejected.

Rationale:

It doesn’t add up: BASF is repeating last year’s record dividend, while further job cuts are planned worldwide, even at its headquarters in Ludwigshafen. Significantly more of the unappropriated profit should be used for a future-oriented and at the same time socially just realignment of BASF without job cuts. While employees and entire companies have to bear the burden of the Corona pandemic, BASF is even privatizing the resulting profits. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/basf-se/missed-climate-targets-untrustworthy-control-our-countermotions/

Countermotion: Loopholes for coal

Countermotion on Agenda Item 3

Motion:

The Association of Ethical Shareholders Germany moves that approval for the actions of the members of the Board of Management not be given.

Reasons:

Munich Reinsurance Company’s Board of Management is not sufficiently fulfilling its duty to take more effective action to protect the climate.

Loopholes for coal

Munich Re has stopped (re)insuring coal-fired power plants and mines since 2018, but only at the level of individual projects. Its coal exclusion does not apply to collective reinsurance arrangements, referred to as treaty reinsurance, in which entire books are reinsured. It therefore can still cover risks involving coal-fired power plants, mines or infrastructure. Weiterlesen

Permanent link to this article: https://www.kritischeaktionaere.de/en/munich-re/countermotion-loopholes-for-coal/