Oral Answers to Questions

Diana Johnson Excerpts

Thursday 8th March 2018 Commons Chamber

The right hon. Member for Meriden, representing the Church Commissioners, was asked—

[Diana Johnson (Kingston upon Hull North) (Lab)]

3. What proposals the Church Commissioners have as part of the Church Investors Group for holding businesses to account on executive pay and climate change measures.

[The Second Church Estates Commissioner (Dame Caroline Spelman)]

The Church Investors Group manages a total fund of £17 billion, approximately £8 billion of which represents the Church Commissioners’ assets. The commissioners have discharged their stewardship responsibilities for a long time by voting on issues including executive remuneration and climate change, and, most recently, adding to the criteria gender diversity on boards, the disclosure of company pay ratios, and the payment of at least the living wage to staff.

[Diana Johnson]

Will the right hon. Lady set out in a little more detail the approach that the Church Commissioners are taking to ensure that businesses take the issue of climate change very seriously?

[Dame Caroline Spelman]

That is one of the stewardship responsibilities, and commissioners will vote against chairs of companies if they are assessed as not having made sufficient progress in addressing climate change. I am pleased to be able to share the good news that when a resolution was filed by the Church Commissioners and the New York State Comptroller asking Exxon to report on how its business model would help to tackle climate change, 62.3% of shareholders voted in favour of it despite opposition from the board.