Ally Financial Inc. | Ratification of the engagement of independent accounting firm at Ally Financial Inc.

Status
94.25% votes in favour
AGM date
Previous AGM date
Proposal number
3
Resolution details
Company ticker
ALLY
Submitted by
-
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Other management proposal or proxy item
Filer type
Management
Company sector
Financials
Company HQ country
United States
Whereas clause
Trusteam Finance has expressed their intention to vote AGANST proposal 3 (Ratification of the engagement of independent accounting firm) at Ally Financial's upcoming 2023 AGM.
Supporting statement
In the last years, we have experienced a very qualitative dialogue with the group to discuss their customer strategy. We recognize the significant progress the company made in 2020 by reaching net zero carbon emissions from its operations (as mentioned in their annual document2 ), and we think they are taking significant steps towards 1.5°C alignment. However, despites several attempts to reach out to the management about environmental issues, their current strategy does not meet our asks, especially on their Net Zero commitment. To face the collective challenge of rapid decarbonation of the economy, companies must demonstrate strong will and action to convince all their stakeholders. It is critical to define ambitious, and credible targets (including scope 3 emissions) aligned with this pledge. A formal commitment to set targets validated by the Science Based Targets initiative (SBTi)3 is a first step to materialize this needed action. To our current knowledge, the company is not committed to SBTi yet.

To conclude, the information currently available does not allow us to fully acknowledge the robustness of Ally Financial Net Zero pledge and the consideration of climate issues in their financial accounts. For this reason, in line with our voting policy and following the private letters with the company few weeks ago, we have decided that in the absence of new elements, we will vote against the engagement of Deloitte & Touche LLP as the Company's independent registered public accounting firm for 2023 (resolution #3).

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