The result was 53,256 votes for and 4,094 against. Campaigners said the vote sent a message that charities should apply the same environmental standards to their financial relationships as they do to their investments and suppliers.
The move follows years of pressure from members concerned about Barclays’ financing of the fossil fuel industry, including support for oil and gas expansion such as fracking and methane gas infrastructure. The National Trust has repeatedly identified the climate emergency and the decline of nature as the greatest threats to the landscapes, wildlife and historic properties in its care.
Sandy Nairne, deputy chair of the board of trustees, cautioned: “The outcome of the ballot provides the board with an important indication of members’ views, but it is not binding on the trustees. The trustees will carefully consider the result alongside the discussion we have heard today as part of their future decision making.”
Drew James, a proposer of the resolution and a member of Christian Climate Action, said: “This result highlights a profound shift in NGO accountability. Civil society looks to charities, universities and faith groups to sever ties with financial institutions failing to match their ethical standards.” James argued that the relationship with Barclays was particularly difficult to reconcile with the Trust’s public position on the climate crisis, noting that the trust’s chief executive had identified keeping fossil fuels in the ground as the most significant response to climate breakdown, “Meanwhile our bank, Barclays, undermines our conservation mission by channelling billions of dollars into fossil fuel expansion.”
Supporters of the resolution also pointed to the Trust’s previous advice encouraging the public to bank ethically. James called it contradictory for the organisation to hold its own banking provider to a lower standard than its suppliers and investment portfolio.
However, the National Trust has made clear the tender will not be restricted to specialist ethical banks. In its supporting statement, the board said the tender “must remain open to the major UK clearing banks” and that evidence indicated no specialist ethical bank currently has the combination of cash handling capability, lending capacity, payments infrastructure and operational scale required to support an organisation of the Trust’s size and complexity.
Barclays defended its relationship with the National Trust. A spokesperson said: “It is our privilege to support and bank the National Trust and we value their engagement on these important topics. As a leading energy financier, we recognise the interconnectedness of economic growth, energy security and affordability and decarbonisation to meet society’s needs. Over the past three years, we have facilitated more than $300bn of sustainable and transition finance, including billions for cleaner energy projects here in the UK, and invested millions into climate tech.”
Campaigners disputed the significance of that fund, pointing to Barclays’ latest annual report which states that fossil fuel entities can access it provided the money is not designated directly for oil and gas activity. James said this means a reduction in carbon intensity, such as a switch from tar sands to natural gas, could qualify for sustainability backing even if it results in a net increase in total carbon emissions.
Restore Trust, a group of National Trust members, said the vote shows the organisation is straying from its core purpose. Its chair, Cornelia van der Poll, called the vote “a distraction from the National Trust’s charitable purpose of properly maintaining all the historic buildings and countryside in its care”.
Others questioned the significance of the success, with insiders suggesting that the tendering process will not take place for at least a year.