Takeaways: IIPWG March 2025
Items excerpted from the March 2025 Investors & Indigenous Peoples Working Group (IIPWG) Newsletter. IIPWG strategy calls take place the third Thursday of the month. Learn more.
Presentation Takeaways: The Gwich’in Steering Committee Maintains Commitment to Protecting the Arctic Refuge
Kristen Moreland, Executive Director of the Gwich’in Steering Committee (GSC), discussed escalating urgency to protect Iizhik Gwats’an Gwandaii Goodlit, “The Sacred Place Where Life Begins.” This area, also known as the Coastal Plain of the Arctic National Wildlife Refuge, is critical as the calving grounds for the Porcupine Caribou Herd. In a statement responding to new plans to open the Arctic Refuge to oil and gas development, Moreland said “any threats to the caribou are a direct threat to our way of life.”
Moreland emphasized that there is no viable business case for drilling in the Refuge. Federally mandated lease sales repeatedly failed to attract industry interest, with the most recent sale receiving no bids at all. In addition, many global banks and insurers have instituted policies to preclude financing or underwriting oil and gas projects in the Arctic Refuge, including JPMorgan Chase [NYSE: JPM], Citigroup [NYSE: C], Chubb [NYSE: CB], Travelers [NYSE: TRV], and Wells Fargo [NYSE: WFC].
The GSC continues engagement with banks and insurers to ensure adherence to existing no-drilling policies. Connect with the GSC via their website or Facebook.
Energy Transfer's Greenpeace Lawsuit Omits Tribal Concerns
A jury found Greenpeace liable to pay $660 million to Energy Transfer [NYSE: ET] following the company’s lawsuit claiming that Greenpeace, as an alleged central organizer in the resistance to the Dakota Access Pipeline (DAPL), is responsible for defamation, trespassing, and other acts that resulted in significant damages to the company.
According to the Standing Rock Sioux Tribe, the lawsuit “is an attempt to silence our Tribe about the truth of what happened at Standing Rock, and the threat posed by DAPL to our land, our water, and our people.” Concern has surfaced of jury ties to the fossil fuel industry and inaccurate claims in the lawsuit. Despite Energy Transfer stating otherwise, the Tribe clarifies how “DAPL does cross Sioux Nation treaty and aboriginal land for hundreds of miles; there was violence by law enforcement and Energy Transfer security guards, and Tribal burials were destroyed.”
In 2017, investors requested DAPL financiers to consider the Tribe’s opposition to the pipeline, which “did not meet the international standard for consultation for Free, Prior, and Informed Consent,” among other concerns. While Geenpeace plans to appeal, the verdict sets a concerning precedent for Tribal advocacy, free speech, and peaceful protest.
FPIC Proposals to Move Forward at Citigroup and Wells Fargo Following SEC Decision
Shareholder proposals calling for a report on the effectiveness of policies, practices, and performance indicators in upholding Indigenous Peoples’ rights, including free, prior and informed consent (FPIC), will move forward to a vote at Citigroup [NYSE: C] and Wells Fargo [NYSE: WFC] this proxy season. In 2024, similar proposals earned 26.3% and 23.8% shareholder support at each company, respectively, which had declined from previous years.
Banks submitted no-action requests to the SEC, which rejected the companies’ requests despite recent guidance that constrains ESG-related shareholder proposals. Citigroup cited substantial implementation and Wells Fargo cited lack of relevance as exclusion rationales. Investors await the agency’s ruling on the no-action request submitted by JPMorgan Chase [NYSE: JPM] that argues for the exclusion of a similar FPIC shareholder proposal and cites substantial implementation and matters of ordinary business as rationales. Nearly 31% of shareholders supported the FPIC proposal at JPMorgan Chase in 2024.
IIPWG Canada Takeaways: Proxy Season Updates
On the March IIPWG Canada call, participants shared updates regarding the upcoming proxy season. The University Pension Plan (UPP) updated its proxy voting guidelines to recognize Indigenous Peoples’ rights as distinct from human rights.
SHARE discussed shareholder proposals filed at Scotiabank [TSX: BNS] and EQB Bank [TSX: EQB]. Shareholders request that Scotiabank conduct a racial equity audit, with specific attention to the UNDRIP and the Truth and Reconciliation Call to Action 92 (TRC Call 92)– the Truth and Reconciliation Commission of Canada's recommendation to advance reconciliation in the corporate sector. EQB Bank is requested to develop a reconciliation action plan (RAP) and pursue a Partnership Accreditation in Indigenous Relations (PAIR), which the bank is challenging for exclusion.
The next IIPWG Canada meeting will take place on Wednesday, May 7, at 1:00 pm ET; register here.