The Rio Tinto Shareholder Engagement
Breaking: Our resolution received a record 18.03% vote in favour (over 20% including abstentions) the largest shareholder revolt on climate in Australian corporate history! Read the ASX announcement here. Read nore about the AGM here.
The activities of trade associations which block essential climate policy, funded in large part by major resources companies, is of increasing concern to investors globally. Of particular concern is a misalignment between the top line climate commitments of companies and the relative positions of their trade groups. These discrepancies leave shareholders unclear as to the validity of corporate statements on climate.
Given the results of our recent engagement with BHP on this issue, it is imperative to maintain momentum. To this end the ACCR is has lodged a similar engagement with Rio Tinto.
Human Rights Report
Our investigation into the performance of Australian Companies in relation to managing and disclosing human rights risks has officially launched.
ACCR recently put forward a shareholder resolution to BHP Billiton asking them to reconsider their membership with the Minerals Council of Australia. There are glaring inconsistencies between what BHP say (that they’re a leader on climate issues and support sensible bipartisan climate policy), and what they do (they’re the largest financial member of the Minerals Council of Australia, one of the major roadblocks to sensible climate policy in this country). We think this runs contrary to the interests of BHP, their investors, and the planet.
ACCR has put forward a resolution to Woolworths asking them to address human rights risks in their supply chains. Our benchmark report on Human Rights and Australian Listed Companies found that many Australian companies have a long way to go when it comes to identifying, addressing and disclosing human rights-related risks. Woolworths performed poorly in our survey of the policies and procedures aimed at ensuring people’s human rights aren’t violated within company supply chains.
If you would like to support resolutions such as these sign up here today.
The Australasian Centre for Corporate Responsibility
The ACCR is a not-for-profit association whose mission is to promote informed shareholder engagement and advocacy for more just and sustainable corporate activity. We research corporate activity and assist people to use the research. We promote ethical investment. We aim to empower stakeholders in corporate Australasia - which is all of us.