Activist investors and pension funds pressed UK banks at their annual meetings, targeting climate policy rollbacks. At NatWest's gathering, chair Rick Haythornthwaite was re‑elected with 92.1% support, down from 97.6% a year earlier, signalling a protest vote among minorities. ShareAction, managing $1.38tn in assets, warned that easing lending standards threatens the energy transition.

The coalition, which includes the Church of England Pensions Board and Nest, criticised NatWest's widened oil‑and‑gas financing criteria and abandonment of emissions targets for sectors such as aluminium and cement. ShareAction’s Jeanne Martin argued that stranded‑asset risk could erode lender balances sheets, especially as banks like HSBC and Santander scale back similar climate commitments.

NatWest defended its stance, saying the board remains committed to halving the climate impact of its financing by 2030 and that its refined approach reflects “the evolving policy environment.” Yet pension trustees have updated voting policies to oppose chairs who dilute climate strategies, suggesting that shareholder activism will continue to shape UK banking risk management.