Engagement history

The non-profit As You Sow filed shareholder resolutions at Dominion AGMs in 2015, 2016, 2017, 2018, and 2020, variously calling for executive remuneration to be tied to climate performance, a report on the risks of biomass use, and a report on their methane stranded asset risk. The New York State Comptroller had a similarly long period of engagement between 2016 and 2020, filing resolutions that requested scenario analyses and improvements in governance. Faith-based engager Mercy Investment Services filed a resolution in 2015 calling for better target setting, while the Congregation of Sisters of St. Agnes submitted a proposal in 2017 pushing the utility to produce an annual report of its political lobbying activities. LGIM has engaged with Dominion continuously from 2016 onwards, and in 2018-19 divested from the company, extracting concessions on disclosure, governance and climate risk. Acting as lead engager for the CA100+, CalSTRS helped to pressure Dominion to adopt a 2050 net-zero target in 2020. In the same year, it abandoned the Atlantic Coast Pipeline Project. However, Dominion is yet to meaningfully divest from its fossil fuels (coal, gas, oil), disclose its lobbying expenditure, or offer a long-term scenario analysis to align itself with a 1.5 degree world. Engagers could pressure Dominion to ensure its 2050 net-zero target translates into real-world impact.