Citi, Bank of America, Wells Fargo Shareholders Backed Proposals To Stop Financing New Fossil Fuel Supplies Doesn't Get Enough Support

Investors at Citigroup, Inc C and Bank of America Corporation BAC hardly backed proposals, essentially asking the banks to stop financing new fossil fuel supplies, Reuters reports.
Wells Fargo & Company WFC investors followed suit with a similar proposal.
An expert saw the results reflect the current instability in energy markets and activists’ challenge in persuading significant mutual funds to support their causes.
Representatives for top fund managers BlackRock Inc BLK and Vanguard Group declined to say how they voted on the measures, which the banks opposed.
One of the proposal sponsors' said rising oil prices might have spooked the big firms.
The investors peppered bank directors and executives with questions on social and environmental policies.
The questions reflected firmly held views by environmental and humanitarian activists, calling on banks to expand pro-environmental commitments and examine racial equity among employees, and Republican-leaning viewpoints, critical of Wall Street’s embrace of environmental and social concerns.
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