Today, a letter was filed, asking Netflix shareholders to vote “yes” on a proposal that would have Netflix create and share a detailed “climate transition plan” with outlined strategies, metrics, and milestones.
Netflix has already committed to reaching climate targets including reducing emissions by roughly half by 2030 and to match any remaining emissions in support of global net zero goals by investing in natural climate solutions. The proposal is asking for a more specific climate transition plan to keep investors in the loop about how those plans are progressing.
The proposal says: “Shareholders request Netflix issue a climate transition plan, above and beyond existing disclosure, describing how it intends to align its operations and full value chain emissions with the Company’s existing science-based target. The plan should be published at reasonable expense, exclude confidential information, and detail progress and any plan updates on an annual basis.”
Trillium Asset Management, LLC is asking the shareholders to vote “yes” on the proposal and gave five reasons to support the ask. The letter says that Netflix could be doing a better job of reporting on how the company plans to reach its goals by defining milestones. It goes one step further by stating that “Netflix may be falling short of rising investor expectations for companies to issue well-articulated climate transition plans.”
The letter then shares examples of other large companies that have laid out detailed and useful transition plans – including Unilever, P&G, and Intel, among others. While Netflix has stated that “mandatory disclosures regarding climate transition plans and other sustainability matters are evolving” as a reason to not follow other companies in creating a detailed plan, the letter says that by not releasing a plan before more concrete requirements are in place, likely in 2030, the company is “leaving investors in the dark.”
Finally, by not releasing a detailed plan now, the letter says that Netflix is putting itself at risk of harming its reputation both with investors and the general public.
Shareholders will vote on the proposal at the annual meeting of shareholders on June 5, 2025.