BHP Group Ltd is a diversified natural resources company.
BHP Group Ltd (formerly BHP Billiton Limited) sits among the world’s top producers of major commodities, including iron ore, metallurgical coal, thermal coal and copper. BHP is headquartered in Melbourne, Australia and is one of the largest listed companies on the ASX.
BHP has made considerable contributions to the accumulation of greenhouse gases in the atmosphere over the last century. In 2020, the Climate Accountability Institute found that between 1965 and 2018, BHP was the 19th largest carbon emitter in the world.
ACCR has engaged regularly with BHP Group on its decarbonisation commitments and lobbying related to climate and energy policy for more than four years. Despite cosmetic improvements to policies, there is little evidence of BHP’s industry associations advocating for ambitious and effective climate and energy policy.
ACCR is commenting on the results of the 2022 BHP Annual General Meeting, where our shareholder resolutions on positive advocacy and climate accounting received 12.73% and 18.67% support respectively.
BHP is Australia’s largest company (ASX: BHP) with huge political influence and a massive opportunity to align business interests and policy with a safe climate.
ACCR has filed Shareholder Resolutions to BHP Group Ltd (ASX: BHP) on climate policy advocacy and the inclusion of climate sensitivity analysis in financial statements.
This vote suggests institutional investors are easily cowed by big companies like BHP and they’re unwilling to force them to adhere to the Paris Agreement.
ACCR welcomes BHP’s support for the shareholder resolution on climate-related lobbying. BHP must use its unique position of leadership to push for more ambitious emissions reductions before 2030.
The Woodside and BHP Scarborough project is at odds with the expectations of investors for companies to align their capital expenditure and decarbonisation strategies with the Paris Agreement.
“With this vote, investors have demonstrated to BHP that they remain focused on the impact of its industry associations on both Australian democracy and on climate action.”
“The measures the First Nations Alliance have secured with BHP could not have happened without the interest of the investment sector and the communication of their expectations about companies’ cultural heritage management.”
Read the background and reasoning behind upcoming shareholder resolutions to BHP Group on cultural heritage protection and on lobbying relating to COVID-19 Recovery, and ACCR's recommendation that shareholders vote against the re-election of BHP board member Malcolm Broomhead.
“The Federal government may have finally given up on thermal coal but the carbon lobby won’t be deterred, by pushing gas, another dirty fossil fuel - which is proven to have the same, if not worse emissions than coal once fugitive methane emissions are factored in.”
ACCR has filed Shareholder Resolutions to BHP Group Ltd (ASX:BHP) requesting the a moratorium on the damage, removal or destruction of cultural heritage sites until laws are strengthened, remove gag orders on traditional owners and cease lobbying efforts on COVID-19 recovery which are inconsistent with Paris targets.
