Shareholders’ Meeting ING interrupted by Extinction Rebellion. « Why don’t you cry? »

The general shareholders’ meeting of ING was interrupted for half an hour on Tuesday by actions of Extinction Rebellion (XR). After the meeting was resumed, it was almost entirely devoted by questions from various action groups such as Milieudefensie, Reclaim Finance, but also investors such as the association of securities owners and Eumedion.

Various campaigners of XR in the hall in the Muziekgebouw aan ‘t IJ in Amsterdam had a « bullshitalarm » go off with bells and whistles during a presentation of chairman of the board Steven van Rijswijk about the bank’s sustainability policy. The activists announced that they were making noise as long as the bank was ‘nonsense’ to preach about their own sustainability policy. « This is a puppet show. Get that face from your face. Why don’t you cry? There are children die! », The room was called. The exclamations received applause and raid from about half of the room.

President Karl Guha then decided to interrupt the meeting, after which all directors and commissioners of the bank left the hall. After security guards in the room had requested the XR action drivers in vain to leave the room, the most noisy woman was cut loose from her chair and lifted out of the room by the police.

Then the meeting was resumed, but not without interruptions. Van Rijswijk was interrupted several times by high whistles, drums and finger cut. A second and third woman were removed from the room by the police, after which the meeting continued without interruptions.

Chairman of the board in the defense

Van Rijswijk, however, was printed in defense for the sustainability policy of ING the rest of the meeting. This focused primarily on ING’s promise to adhere to the Paris climate agreement and what that means in practice for the bank’s loan and bonds. ING claims to be seen as one of the precursors in sustainability policy in the financial sector, partly due to the promise a half years ago to no longer facilitate companies that are purely involved in developing new oil and gas fields. Ing with that it says it endorses the vision of the international energy agency that in 2050 to come to Net Zero emissions, no new fields are needed anymore.

Many of those present – most of whom were affiliated with Milieudefensie – criticized that policy of the bank in their questions, because ING still provides general oil companies such as Shell financial services, while those companies also tap into new fields. In a final statement, just before the bank’s accountant, Milieudefensie stated that « it has become very clear today that ING is not going to take his responsibility, and will not pursue a good climate policy. » Then the dozens of sympathizers of the action group left the room.

For the meeting there was also a demonstration of Milieudefensie and a number of action groups from other countries, such as Pacan and Better Brasoria. These action groups presented ‘an account of destruction’ to the bank, due to, among other things, the financing of new LNG storage facilities in the US state of Texas.

Gerben Everts of the Association of Effecten owners said in a response NRC that the dynamics in the delivery meeting is ‘of this time’. « ING has an important responsibility in the energy transition within the Netherlands and is rightly addressed. » He was pleased that in the end the answer to the questions of shareholders and that Guha did not let himself be seduced into anger and gave all the questioners the space. According to Everts, the meeting showed the added value of a physical meeting. « As a listed company, you need greater support than just shareholders. »

The judge may soon make a decision whether or not to do enough to meet ‘Paris’. Milieudefensie suggested the bank last month Because it would do too little about climate change.

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