Overwhelming member backing sees National Trust votes to seek banking partner in tune with environment policies

Members back a banking review

The National Trust’s annual general meeting voted by a large majority to begin a tender for a new banking partner. Members have argued that its relationship with Barclays conflicts with the charity’s commitment to protecting nature.

For the first time, the tender will make biodiversity protection and action on human-caused climate change conditions for a new bank. The board has said the process must still be open to major UK clearing banks, rather than being limited to specialist ethical providers.

Some people questioned how soon the change would happen. Insiders suggested the tender might not take place for at least a year.

Extreme weather raises stakes

The vote comes as the Trust faces growing effects of severe weather across its countryside, coastline and historic buildings. The charity’s properties have experienced flash floods, extended drought and increasingly severe conditions.

In July, a wildfire at Dunwich Heath in Suffolk burned 104 hectares, or 256 acres, of ancient heathland. Campaigners estimated that recovery could take 25 years.

Barclays relationship disputed

James said the bank’s role was hard to square with the Trust’s public stance on climate change and nature loss. He said trustees had identified both as major threats to places in the charity’s care, and argued the dangers were intensifying.

James also accused Barclays of financing fossil fuel expansion and said the Trust’s own banking arrangements should meet the standards it recommends to the public and applies to suppliers and investments. A Barclays spokesperson said the bank valued its relationship with the National Trust and its discussions on the issues. Campaigners disputed the significance of Barclays’ $300bn fund, citing the bank’s annual report, which says fossil fuel entities may access it if funds are not allocated directly to oil and gas activity.

Members differ on the outcome

Restore Trust, a group of National Trust members, said the decision showed the organisation was moving away from its core purpose. The vote nevertheless gives members’ concerns a formal place in the bank selection process. A quoted statement in the report argued that charities, universities and faith groups face pressure to end relationships with financial institutions that do not meet their ethical standards.