Natwest forced to pause AGM after climate protest
Natwest was forced to pause its annual general meeting on Tuesday following a disruption from climate protesters.
The FTSE 100 giant’s chairman Rick Haythornthwaite adjourned the meeting – taking place at Natwest’s Gogarburn headquarters in Scotland – after protesters disrupted his address to shareholders.
Campaigners had been calling for a protest vote against Haythornthwaite in a bid to get the bank to reverse what they have called “climate backtracking”.
A number of Natwest investors, including the Church of England, have backed the campaign pledging to vote against the reappointment of board members.
It follows watering down in the bank’s green policies, such as dropping its commitment not to lend to any oil and gas companies that did not have a credible transition plan. The bank has pointed to an “evolving policy environment” for the changes.
Haythornthwaite was re-elected with 92.1 per cent of the vote, down from 97.63 per cent last year.
Banking industry withers on green finance
Still, Natwest has held onto its overarching 2030 ambition to at least halve the climate impact of its financing activity. Its long‑term net‑zero ambition is set for 2050 and the bank said it has delivered a 39 per cent reduction since 2019.
The policy changes come amid an industry-wide rowback on green finance, which has led to the Net Zero Banking Alliance (NZBA) ceasing operations following a member exodus.
Wall Street kicked off its rapid departure from the club following President Donald Trump’s victory in the November 2024 election after he ran on the anti-ESG motto “drill baby drill”. This was soon followed by City banks last year, with Barclays claiming on its departure the group “no longer has the membership to support our transition”.
The overall suspension of Natwest’s AGM lasted 15 minutes before returning for the questions session.
Following the return, Haythornthwaite said in his speech to investors there were “near-term” challenges in the global economy with recent global events meaning “pressures have elevated for many households and businesses”.
“From a board perspective, maintaining a longer‑term view is essential, and we believe deeply in the long-term strengths of the UK.”