Morgan Stanley investors rejected clean energy financing offer

Morgan Stanley shareholders on Thursday rejected proposals that asked the company to disclose comparisons between its financing of fossil fuels and low-carbon energy and demanded greater transparency about the bank’s lobbying activities.

The New York City Employees Retirement System said its bank offer to develop and share the Clean Energy Financing Index was intended to provide investors with a unified, holistic view of the bank’s support for the transition from fossil fuels to renewable energy. Moving away from fossil fuels is a priority of the Biden administration’s environmental policy.

Similar proposals failed this spring at comparable megabanks Goldman Sachs and Bank of…