Governance & Policy
Say on Climate
Definition
Say on climate is a mechanism by which a company puts its climate transition plan to a shareholder vote — typically advisory — allowing investors to endorse or challenge the credibility of its targets, capital allocation and milestones. Pioneered by Spanish infrastructure company Ferrovial in 2020 and adopted by firms including Unilever, Shell and Glencore, the practice emerged from investor campaigns seeking accountability beyond disclosure.
References
This reference provides supporting context for how “Say on Climate” is defined and used.
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Overview
How it is used
The mechanism structures AGM climate resolutions, investor engagement strategies, and regulatory consideration of mandatory transition-plan votes in some jurisdictions.
Why it matters
Say on climate is an emerging accountability experiment at the junction of stewardship and decarbonisation — its trajectory will shape how shareholders police net zero promises.