NatWest Group eases oil and gas lending rules, faces activist revolt
NatWest Group relaxed its fossil fuel lending policy in its full-year results, scaling back previous restrictions on oil and gas project financing. ESG activist ShareAction urged investors to vote against re-election of the company’s chair at the upcoming annual meeting in protest.
1. Policy Adjustment in Fossil Fuel Lending
NatWest Group integrated a revised fossil fuel lending approach into its latest full-year report, scaling back previous restrictions on oil and gas financing projects. The bank indicated it would apply looser project screening thresholds, representing a shift from its earlier, tighter policy stance.
2. ShareAction’s Call to Vote Against Chair
ESG-focused activist ShareAction publicly urged investors to oppose the re-election of the company’s chair at the forthcoming annual meeting. The group argued that the rollback of lending restrictions runs counter to NatWest’s stated climate transition objectives and heightens long-term risk exposure for shareholders.