Shareholders request Barclays phase out financing of fossil fuel companies

Barclays shareholders have filed a landmark resolution asking the bank to phase out the financing of fossil fuel companies. The request came from 11 institutional investors managing more than US$170.6 billion and about 100 individual shareholders, and will be voted on at the British bank’s annual general meeting in May. Barclays is currently the highest backer of fossil fuels of any European bank.