NatWest AGM disrupted by climate protesters

NatWest's annual general meeting in Edinburgh was disrupted Tuesday by singing protesters, prompting a half-hour adjournment as Chairman Rick Haythornthwaite defended the bank's recent changes to its climate policy amid shareholder accusations of reduced ambition.

The gathering, attended by shareholders and campaigners, began with Haythornthwaite's opening speech before protesters from the Extinction Rebellion-affiliated XR Money Rebellion group interrupted. Wearing T-shirts reading "No more big oil" and "No bombs," they sang a parody of "Frère Jacques" with lyrics including "No more bombs, no more oil." The meeting resumed after the suspension, shifting focus to questions on NatWest's climate strategy and executive pay versus staff compensation.

Critics, including ShareAction representing 19 institutional investors managing about 1.4 trillion dollars in assets, highlighted February changes to the bank's policy. NatWest dropped its previous commitment to avoid lending to oil and gas companies without credible transition plans or emissions reporting. Mara Lilley of the Church of England Pensions Board, one of the investors, announced her group would vote against Haythornthwaite's...