ACCR has withdrawn its resolution that would have been debated at the NAB AGM on 18 December 2014 because NAB has made additional disclosure and commitments to more disclosure in the future. You can see the full text here.
Possibly most positively it has committed to
- Collaborating with our Australian banking peers to pilot disclosure methodologies and approaches that can feed into UNEP FI Greenhouse Gas Protocol Financed Emissions Initiative to advance these processes in a timely manner.
It has also committed to
- Expanding disclosure of carbon risk exposure in NAB Group’s Full Year 2015 results reporting, taking stakeholder input into account.
- Continuing our participation in the United Nations Environment Program Finance Initiative (UNEP FI) Greenhouse Gas Protocol Financed Emissions Initiative to assist the development of reliable and standardised reporting on carbon-related risk exposure for financial institutions.
NAB has given more detail about its mining lending. Of the $9.5bn lent to the mining sector,
- direct coal mining is 10%
- direct oil and gas is 28%
Caroline Le Couteur, ACCR executive Director, attended the meeting and asked questions. In response the chair indicated that one of the issues for the company was that the resolution was a constitutional amendment. She explained about our legal action and hope that soon we would be able to move ordinary resolutions.
The withdrawn resolution was:
Special Resolution to amend the constitution: At the end of Clause 8 ‘General Meetings’ insert the following new sub-clause: “That, each year at about the time of the release of the Annual Report, at reasonable cost and omitting any proprietary information, the Directors report to shareholders their assessment of the quantum of greenhouse gas emissions we are responsible for financing calculated, for example, in accordance with Greenhouse Gas (GHG) Protocol guidance.”