Danish pension fund AkademikerPension has said it will vote against the re-election of several bank chairs and board members at upcoming annual general meetings, in protest at what it described as a rollback of climate commitments.

The fund warned that it was “useless” for large financial players to weaken climate goals at a time when stronger action was required, arguing that recent decisions by banks to dilute fossil fuel restrictions and CO2 targets ran counter to long-term investor interests.

As part of the move, AkademikerPension will vote against leadership figures at HSBC, Banco Santander and NatWest Group, targeting both chairmen and key board members linked to sustainability oversight.

AkademikerPension investment director, Anders Schelde, said the changes represented a direct threat to long-term value, citing increased exposure to both financial and reputational risks.

“This change undermines the banks’ own climate strategies and threatens long-term value through increased exposure to financial and reputational risks.

“As an active investor, we can do nothing but send a strong signal and a clear statement that this is the completely wrong way to go," he continued.

"And while there is little doubt that the people in question will be elected, the no vote is a necessary tool to hold management accountable.”

Under the plans, the fund will vote against the election of Brendan Nelson as chairman of HSBC, alongside the re-election of director, James Forese.

At Banco Santander, it will oppose the re-election of Sol Daurella, who chairs the bank’s Responsible Banking, Sustainability and Culture Committee, as well as the re-election of board members, Carlos Barrabés and Gina Díez Barroso.

Meanwhile, at NatWest Group, AkademikerPension will vote against the re-election of chairman, Rick Haythornthwaite.

The pension fund stressed that the initiative was intended to hold the financial sector accountable for its role in the climate crisis, reinforcing expectations that banks maintained robust climate strategies aligned with long-term value creation.

At the end of 2025, the Danish government set a new climate target of an 82 per cent reduction in greenhouse gas emissions by 2035.

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