Members of the National Trust approved a resolution calling on trustees to begin a bank tender with environmental criteria, while the board said the search must account for the charity's operational needs. The vote took place Saturday at the Trust's annual general meeting.
The Trust's published results showed 53,257 votes in favor and 4,905 against. Trustees had recommended the resolution before the meeting.
The proposal calls on trustees to instruct finance officers to start a competitive tender for banking services promptly. It asks that the selection process consider whether prospective banks' financing practices support the charity's goals for biodiversity and action on human-caused climate change. The criteria would include banks' lending and underwriting activity.
Supporters said Barclays' fossil fuel financing conflicts with the Trust's conservation mission, citing fracking and methane gas pipelines in North America. Those claims appear in the resolution's supporting statement.
The board said the comparison should weigh environmental, social and governance commitments against practical and financial risks of changing providers. It also called for consideration of technology needs and whether a proposed arrangement would offer value for money.
The charity handles cash at more than 200 locations, the board said, and depends on payment, treasury and credit services. A move to another bank would require substantial operational planning, according to the board.
The board said large UK banks with clearing operations should remain eligible to compete. It argued that specialist ethical banks lack the combined capacity and scale the Trust requires.
The resolution calls for a selection process rather than naming the Trust's next bank. Trustees will reflect on the AGM's results, the Trust said.
