Dutch pension fund PFZW has voted against granting discharge to the retired executive board of Philips.

More than 76 per cent of shareholders voted against, meaning that the shareholders reserve the right to hold the previous executive board of Philips accountable for the policy pursued in recent years. PFZW emphasised the vote had no immediate consequences for the three current Philips directors, and was mainly intended to make clear the pension fund’s dissatisfaction with the policy of the previous board chair, who left the position last year.

Denmark’s Danica Pension has urged energy companies to use profits on the green transition.

The pension company stated that, through active ownership, it was working to get global energy companies back “on the right course” after a 2022 with an energy crisis and rising oil prices. It encouraged energy companies to invest their large profits in renewable energy and green alternatives, and not in new oil fields. The pension company added that it was not selling shares in energy companies to use its influence to “make a difference”.

Fund manager Nuveen Infrastructure has joined the trade association SolarPower Europe.

The move sees Nuveen join nearly over 280 organisations across the European solar supply chain in presenting a unified industry voice to shape the EU’s policy and environment. Nuveen have joined SolarPower Europe following a series of recent European investments, including the acquisition of a 65MW of Italian solar PV portfolio in April of this year. The fund manager said that its membership of SolarPower Europe underscored its “strong commitment” to ESG.

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