Shareholders have backed the banks against a resolution to stop fossil fuel financing, but their boards are on notice, as environmental groups – and regulators – step up pressure on climate-related disclosures.

A resolution introduced by Market Forces to compel Westpac Banking Corporation, Australia New Zealand Banking Group and National Australia Bank to reduce exposure to and stop financing new fossil fuels, in line with their commitments to achieving net zero by 2050, was voted down at each of their annual meetings this week.