SEC支持股東權利，氣候與社會責任提案得以進入投票

美國證券交易委員會（SEC）近期駁回了多家美國主要銀行的無行動請求（no-action request），這些銀行希望排除股東提交的氣候變遷與原住民權利相關提案，理由是這些提案涉及「微觀管理」（micromanagement）或「日常業務運營」。然而，SEC認為這些提案應該被納入股東投票範圍，並拒絕銀行的請求。

此舉標誌著SEC在企業氣候風險披露與社會責任議題上的監管趨勢，顯示出該機構在新領導層的帶領下，對股東權利的進一步保護。此決策不僅影響美國銀行業，也可能對全球金融機構的環境、社會與公司治理（ESG）策略產生廣泛影響。

SEC Rejects Major U.S. Banks' Attempts to Exclude Shareholder Proposals on Climate Change and Indigenous Rights

In recent decisions, the U.S. Securities and Exchange Commission (SEC) denied requests from several major U.S. banks to exclude shareholder proposals that called for disclosures on climate change strategies and their exposure to related risks. The SEC ruled that these proposals must be put to a shareholder vote, as documented in the agency's no-action request database.

These requests came from banks seeking to use the SEC’s no-action process to avoid shareholder proposals addressing indigenous rights, but so far, these efforts have also been unsuccessful. Traditionally, companies wishing to exclude shareholder proposals from their proxy ballots approach the SEC, which often provides relief, but in these recent cases, the SEC sided with shareholders.

股東氣候提案獲得投票機會

此次遭SEC駁回的氣候相關無行動請求，來自美國銀行（Bank of America）、高盛（Goldman Sachs）、摩根士丹利（Morgan Stanley）和富國銀行（Wells Fargo），這些銀行試圖阻止一項要求其披露清潔能源供應比率的提案進入股東會投票。

The banks filed these no-action requests between December and January, and the SEC has issued responses to most of the requests in recent weeks.

These rejections occurred despite a change in leadership at the SEC and updates to the staff bulletin governing the no-action request process. The SEC's decisions also follow a previous year where, under the prior administration, the agency had increased the number of proposals it allowed to be excluded, citing concerns over "micromanaging" corporate boards.

該提案由紐約市主計長布拉德·蘭德（Brad Lander）發起，這是他連續第二年向這些銀行提出此要求。提案希望銀行披露其低碳能源與化石燃料的融資比例，以幫助股東了解其氣候風險敞口與可持續發展戰略。

根據SEC的無行動請求數據庫，SEC已於過去兩週內駁回美國銀行、高盛和富國銀行的請求，而摩根士丹利則仍在等待回應。去年，花旗（Citigroup）、摩根大通（JPMorgan Chase）和加拿大皇家銀行（Royal Bank of Canada）已同意該提案，但在其他銀行的年度股東大會上，該提案支持率未超過29%。

高盛在其無行動請求信函中表示，蘭德的要求「涉及對公司業務的微觀管理」，而美國銀行、摩根士丹利和富國銀行則進一步聲稱該提案涉及「日常業務運營」，因此應該根據《證券交易法》第14a-8條（Rule 14a-8）予以排除。然而，SEC在回應中明確指出，該提案並不屬於微觀管理，也不涉及日常業務運營，因此無法將其排除。

Climate Proposals Remain on the Ballot

The climate-related no-action requests came from four major banks - Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo - who aimed to exclude proposals requesting disclosures on their clean energy supply ratios. Over the past two weeks, the SEC has denied attempts by Bank of America, Goldman Sachs, and Wells Fargo to exclude these proposals. Morgan Stanley has yet to receive a response.

The proposals, which ask banks to disclose their ratios of low-carbon energy funding compared to fossil fuels, were once again submitted by New York City Comptroller Brad Lander. This marks the second year the proposals were put forward. Last year, Citigroup, JPMorgan Chase, and the Royal Bank of Canada agreed to the proposal, but it failed to garner more than 29% support at any of the other banks' annual meetings.

In its no-action letter, Goldman Sachs argued that Lander’s request sought to micromanage their operations by specifying a method for disclosure. Letters from Bank of America, Morgan Stanley, and Wells Fargo similarly claimed that the proposals would interfere with "ordinary business operations." The banks contended that these requests should be excluded under Rule 14a-8, which governs the no-action process.

這一決策與拜登政府推動的企業氣候透明度政策保持一致。根據彭博新能源財經（BloombergNEF）在今年1月發布的一份報告，全球銀行在過去一年有所提升其清潔能源融資比例，但距離實現淨零排放（Net Zero）目標仍有較大差距。

摩根大通面臨進一步審查

與此同時，摩根大通（JPMorgan Chase）雖然已經採納並披露其清潔能源供應比率，但目前仍在等待SEC是否允許其排除另一項股東提案。該提案要求摩根大通每年披露其「淨零活動」，包括其在淨零組織的會員資格、相關企業承諾、活動及與淨零目標或政策相關的交易。

摩根大通的無行動請求信函中強調，該公司已經「實質性地實施」了該提案的核心要求，並認為其已經提供了足夠的公開披露。然而，SEC尚未對摩根大通的請求做出最終裁決，這意味著該提案仍有機會進入股東投票。

原住民權利提案同樣無法被排除

除了氣候變遷相關的提案，SEC還裁定花旗銀行與富國銀行必須允許股東就原住民權利議題進行投票。這些提案的關鍵問題在於銀行如何評估並減少其金融活動對原住民社區的影響，特別是在企業融資涉及可能影響原住民土地的項目時。

However, the SEC disagreed, stating that it could not concur with the view that these proposals were excludable. The agency told Bank of America and Wells Fargo that the proposal did not relate to their ordinary business operations and did not seek to micromanage the companies.

SEC’s Response:

"Based on the information you have presented, the Company has not demonstrated that the Proposal relates to its ordinary business operations. In addition, in our view, the Proposal does not seek to micromanage the Company."

A report from BloombergNEF in January highlighted that while global banks had improved their clean energy financing ratios, the sector is still far behind the pace needed to reach net-zero emissions.

JPMorgan Faces Further Scrutiny

While JPMorgan has already disclosed its clean energy supply ratio, the bank still awaits a decision on whether it will be allowed to exclude a shareholder proposal requesting annual disclosures on its net-zero activities. The proposal also asks the bank to disclose its memberships in net-zero organizations and any corporate actions related to net-zero goals.

In its no-action letter, JPMorgan argued that it had already "substantially implemented" the proposal and that it dealt with ordinary business operations. The letter stated:

"As demonstrated by [JPMorgan’s] existing public disclosures, the Company already discloses its net zero activities. Therefore, the Company has satisfied the Proposal’s essential objective, and its existing disclosures regarding its net zero activities compare favorably with the Proposal’s request."

花旗銀行曾在去年發布了一份關於原住民權利政策的報告，並在2023年12月提交無行動請求，表示該報告已經滿足股東提案的要求，因此應允許排除該提案。

富國銀行則援引SEC於2024年2月更新的無行動請求指導原則，認為該提案影響的業務範圍佔其總資產、淨收入及總銷售額的比例低於5%，因此應該允許排除。然而，SEC在3月5日的回應中駁回了這一論點。

修女投資者團體聖約瑟夫和平修女會（Sisters of St. Joseph of Peace）的蘇珊·弗朗索瓦修女（Sister Susan Francois），作為花旗提案的主要提交人，對SEC的決定表示歡迎。

儘管花旗和富國銀行的排除請求遭到駁回，但摩根大通仍在嘗試阻止類似的提案。該行於3月7日提交了一份無行動請求，認為該提案已經「實質性地實施」，並涉及其日常業務運營，因此應被允許排除。

Indigenous Rights Proposals Stand

In addition to climate proposals, the SEC ruled that Citigroup and Wells Fargo must hold votes on shareholder proposals focused on the effectiveness of their Indigenous Peoples’ rights policies. Both banks faced similar proposals during the previous year's proxy season, with modest investor support.

Citigroup had argued that it had already met the conditions of the proposal, which was submitted by a group of investor nuns, by releasing a report on its Indigenous Peoples' rights practices in the previous year. However, the SEC responded on March 7, stating that based on the information presented, Citigroup's disclosures did not substantially implement the proposal.

Wells Fargo similarly argued that it should be allowed to exclude the proposal based on a recent update to the SEC's staff bulletin. The update reinstated prior guidance, stating that the SEC would determine the excludability of a proposal based on how economically significant the portion of business affected by the proposal is.

Wells Fargo claimed the proposal only related to a small part of its business - less than 5% of its total assets, net earnings, and gross sales - and therefore should be excludable. The SEC, however, rejected this argument in a response issued on March 5.

Statements from Shareholder Advocates

Sister Susan Francois, lead filer of the Citi resolution and a member of the Sisters of St. Joseph of Peace, welcomed the SEC's decision, emphasizing the importance of shareholder participation in addressing Indigenous rights. In an emailed statement, she said:

去年，30%的摩根大通股東曾投票支持類似的披露要求，這表明投資者對原住民權利議題的興趣正在上升。

SEC決策對企業治理的影響

SEC的最新決策突顯出，該機構在企業環境與社會責任（ESG）議題上的監管趨勢，並確保股東在這些關鍵問題上擁有發言權。隨著監管機構對企業氣候變遷與社會影響的透明度要求日益增加，銀行業及其他企業將面臨更嚴格的審查與問責機制。

"We are delighted that the SEC has backed shareholders and allowed the vote to go ahead on our resolution, which aims to assess the bank’s effectiveness in mitigating risk to investors when it comes to the impacts on Indigenous Peoples and their lands."

Despite Citigroup and Wells Fargo's unsuccessful attempts to exclude Indigenous rights proposals, JPMorgan submitted a no-action letter on March 7 seeking to exclude a similar proposal. The bank argued that the Indigenous rights proposal from United Church Funds had already been substantially implemented and related to ordinary business operations. Last year, 30% of JPMorgan's shareholders voted in favor of a proposal requiring disclosures on Indigenous rights issues.

美國SEC近期駁回多家銀行試圖排除氣候與原住民權利提案的「無請求行動」，這反映出全球對ESG議題的股東參與權愈加重視，台灣企業也應開始注重這一方面的問題。

Implications for Corporate Governance

思享永續顧問服務公司的莊殷顧問認為，台灣企業雖已開始進行TCFD、永續報告等揭露，但多數仍停留在合規導向。相較之下，國際監管機構與投資人已將「氣候與人權議題」視為治理核心與風險關鍵，不容許企業以「微觀管理」或「業務細節」為由來逃避責任。 隨著台灣企業參與SBTi、RE100、參與國際供應鏈，若無法揭露投資與融資對高碳產業、原住民土地等敏感議題的影響，將面臨外資與NGO更強烈的問責。

These recent decisions by the SEC highlight its ongoing trend of supporting shareholder rights in environmental, social, and governance (ESG) issues. With the SEC maintaining a firm stance on the importance of shareholder participation, companies may face increased scrutiny regarding their climate and social policies, especially in areas such as Indigenous rights and climate-related disclosures. These rulings suggest a shift toward greater transparency, accountability, and responsiveness to the growing demand for corporate sustainability and social responsibility in the banking sector.