In recorded remarks played during Delta’s annual shareholder meeting held virtually, BNP PAM’s Americas head of stewardship Adam Kanzer said without the report, shareholders cannot fully assess if Delta is acting in the company’s best long-term interests on the matter. He added that delays in implementing the Paris agreement “introduce uncertainty and volatility into our portfolios.”
A majority of shareholders at five other companies voted for similar proposals, including at United Airlines, according to Kanzer.
The measure also requires Delta’s board to report how the company’s lobbying through trade associations, social welfare and nonprofit organizations such as 501(c)(4)s align with the Paris climate agreement. Kanzer said industry group Airlines for America, which Delta is a member of, has supported emission standards that the Environmental Protection Agency said would increase emissions.
“Trade associations often represent a lowest common denominator approach to public policy,” Kanzer said.