ACCR Company Engagement Glencore Plc

Glencore Plc is a multinational mining and commodity trading company.

2023: Major institutional investors spanning Europe, the United Kingdom and Australia have co-filed a shareholder resolution at the world’s largest coal trader, Glencore plc, seeking greater transparency on how the company’s thermal coal production aligns with the Paris objective of keeping global temperature increase to 1.5°C.

You can read the full text of the resolution and supporting statement here.

In mid-April 2023, nine additional institutional investors announced they have given their indicative support for the terms of the shareholder resolution. You can view the 'Statement of Indicative Support' and add your support here.

ACCR has completed a thorough review of Glencore’s 2022 Climate Report, along with an update on the forward coal emissions profile, and included it in a pre-AGM investor briefing, intended as a tool to assist decision-making ahead of the AGM.  

Read our response to Glencore’s Notice of Meeting and the case for support of the thermal coal disclosure resolution here.

The global coalition of institutional investors, collectively representing $US2.2 trillion of assets under management, includes:

  • Legal and General Investment Management (LGIM), one of Europe’s largest asset managers
  • Swiss based Ethos Foundation, on behalf of large Swiss pension fund members of the foundation, including Pensionskasse Post and Bernische Pensionskasse (BPK);
  • Vision Super, an Australian industry super fund
  • HSBC Asset Management.

The proposals, facilitated and co-filed with the Australasian Centre for Corporate Responsibility (ACCR) and UK-based responsible investment NGO ShareAction, ask Glencore to disclose how its projected thermal coal production and thermal coal capital expenditure aligns with the Paris Agreement’s goals and the International Energy Agency (IEA) Net Zero Emissions pathway.

The resolution filing has attracted significant investor and media attention. The Financial Times interviewed LGIM to discuss the resolution and the demand for more clarity on coal plans. Bloomberg assessed the coal financials and the move by investors to ratchet up pressure on the world’s biggest shipper of the dirtiest fossil fuel. Reuters noted this resolution comes as almost a quarter of investors voted against Glencore’s climate progress report in 2022. The Age outlined that Glencore is Australia’s largest miner of coal with 17 coal mines in operation. You can read our full media release here.

29.22% of shareholders voted in support of the resolution, which is the second highest vote ever recorded in favour of a climate-related shareholder resolution not supported by management on the London Stock Exchange.


  1. Media release

    “Impossible for Glencore to ignore”: Coal-mining giant hit with large shareholder vote on thermal coal risk at AGM

    29.22% of Glencore shareholders voted in support of the thermal coal resolution. The result is a clear indication that institutional capital is increasingly alert to the risks of thermal coal and investors expect disclosures that enable them to navigate energy transition risks.

  2. Media release

    “Missed opportunity”: Glencore ignores major investors’ calls for transparency on thermal coal as crucial climate-vote looms

    Major institutional investors have expressed disappointment at the decision by Glencore’s board to decline the request for greater transparency.

  3. Shareholder Resolution

    The Statement of Indicative Support for the Glencore Thermal Coal Resolution

    Statement of indicative support for investors and their representatives for the terms of the shareholder resolution to Glencore plc.

  4. Insights

    ACCR Presentation on Glencore 2023 AGM

    Webinar to present our assessment of Glencore's 2022 Climate Report and the thermal coal resolution.

  5. Media release

    Surge in investors demanding greater transparency from Glencore on thermal coal production

    Nine institutional investors have publicly backed a shareholder resolution seeking greater transparency on Glencore’s thermal coal production.

  6. Research

    Pre-AGM analysis: Glencore plc 2023

    Research presentation for investors, covering our analysis of Glencore’s 2022 Climate Report; updated analysis on forward coal emissions; the Teck bid; and the co-filed shareholder resolution on thermal coal disclosure.

  7. Research

    Analysis of Glencore’s forward coal emissions profile

    Based on current disclosures by Glencore and its stated strategy, the company’s forecast cumulative emissions from coal production do not appear to be Paris-aligned.

  8. Media release

    New research raises doubts about Paris-alignment of mining giant Glencore - increasing pressure as the company faces a shareholder resolution on thermal coal.

    ACCR released research showing that based on current disclosures by Glencore and its stated strategy, the company’s forecast cumulative emissions from coal production do not appear to be Paris-aligned.

  9. Media release

    Global investors unite on first ever shareholder resolution targeting Glencore’s coal production

    ACCR is commenting on the first time investors have filed a climate resolution specifically focusing on Glencore’s thermal coal production.

  10. Shareholder Resolution

    Shareholder Resolution to Glencore PLC on thermal coal production

    A global coalition has filed a Shareholder Resolution to Glencore PLC (LON:GLEN) seeking greater insights into the specific plan to align thermal coal production.

  11. Insights

    Investor Bulletin: Monitoring Glencore’s climate commitments

    Glencore’s planned coal expansion and growth in coal emissions is overshadowing the future facing minerals portfolio of the business.

  12. Research

    Investor Bulletin: Monitoring Glencore’s climate commitments

    Glencore’s planned coal expansion and growth in coal emissions is overshadowing the future facing minerals portfolio of the business.

  13. Media release

    Glencore acknowledges folly of coal expansion - cancels massive proposed greenfield coal mine in Australia

    ACCR  is commenting on Glencore withdrawing applications for approval for its Valeria greenfield coal mine.

  14. Media release

    Heritage preserved: Glencore’s coal mine refused

    ACCR is commenting on the decision made today to refuse Glencore’s Glendell coal mine proposal due to heritage impacts.

  15. Media release

    Glencore knew of coal’s “gaseous nature” - action required on methane pollution

    Methane measurement technology is improving all the time, and coal miners like Glencore cannot continue to bat off the unwanted attention on Scope 1 emissions.

  16. Media release

    Glencore must step up after shareholder dissent to Climate Progress Report

    ACCR has released a letter to Glencore with five recommendations that would go towards addressing shareholder's climate plan concerns.

  17. Media release

    Glencore shareholders deliver rebuke to board over coal plans

    ACCR is commenting on the results of the Glencore annual general meeting (AGM), held yesterday in Zug, Switzerland.

  18. Research

    Glencore’s Methane Problem

    Analysis of Glencore’s underreporting of methane emissions

  19. Media release

    New research: ‘Damning’ - Glencore’s emissions baseline understated by at least 24%

    ACCR has published new analysis of the impact of underreported methane emissions on Glencore’s operational emissions footprint.

  20. Research

    Glencore Plc: Assessment of progress against its climate plan

    ACCR believes the overwhelming support Glencore received for its climate plan in 2021 was unwarranted, and there is ample reason to vote against its climate plan and progress at the 2022 AGM.

  21. Media release

    Cognitive dissonance: Glencore’s coal expansion plans are not ‘responsible’

    ACCR is calling on Glencore shareholders to oppose Glencore’s second ‘Say on Climate’ (vote on progress), and the re-election of Peter Coates.