The Swiss National Bank has mostly turned a deaf ear to the concerns of climate activists. But the latter are now pushing their demands into the general assembly.
As a major investor in stocks worldwide, the Swiss National Bank (SNB) has repeatedly faced criticism from climate activists. The most common accusation is that the monetary authority is supporting the extraction of fossil fuels by investing huge sums of money.
Apart from small concessions such as halting investment in coal mining, this has so far left the central bankers relatively indifferent. Demands for a more climate-conscious monetary policy have also hit a road block in the Federal Parliament.
Fresh Attempt
But the activists are not giving up. In previous years, they acquired SNB shares and submitted their demands as agenda items at the general assembly. But, according to a statement from Thursday, 77 shareholders are now making a fresh attempt and have submitted several motions for the forthcoming shareholders’ meeting on April 26 in Bern.
This now also includes expanding the SNB Governing Board to include Chairman Thomas Jordan along with people with «proven expertise in the areas of climate and the environment» on the SNB’s Bank Council, as announced by the «climate shareholders».
Monetary Policy and National Interests
A scientific advisory board should also be set up. Among other things, this board would have to examine which Swiss standards and values the SNB acts in accordance to, and whether its monetary policy serves the overall interests of the country.
