A billionaire hedge-fund manager is bankrolling an unprecedented campaign to force dozens of the world’s largest companies to publish carbon-emission reduction plans and put them up for shareholder vote. Frustrated by the pace at which corporations are cutting emissions, Christopher Hohn is backing a global effort to speed things up. He is working with nonprofit groups and investor organizations to get at least 100 of the companies in the S&P 500 stock index to adopt the initiative by the end of 2022—voluntarily if possible and through proxy battles at annual shareholder meetings if not.
“There will be resistance from some companies but I’m willing to put it to the vote,” said Mr. Hohn, who has used shareholder activism to make his firm, TCI Fund Management Ltd. one of the most profitable hedge funds in the world. TCI has filed shareholder resolutions on the issue with Google owner Alphabet Inc. and Charter Communications Inc. , among others. Railroad operator Union Pacific Corp. , energy drink maker Monster Beverage Corp. and online travel behemoth Booking Holdings have all received shareholder resolutions backing the policy in recent weeks from a nonprofit group aligned with Mr. Hohn. Similar drives are under way in Europe and Australia.British Hedge Fund Billionaire Takes Climate Fight to S&P 500 – WSJ