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.


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.


The resolution is due to be voted on at Glencore’s Annual General Meeting on 26th May 2023.


ACCR encourages investors to contact us to receive further information on this resolution, upcoming research and to explore opportunities to support this initiative going forward.

Two quotes about supporting the resolution from Vision Super & the Ethos Foundation

Would you like to join a group of investors in pre-declaring your support for this resolution?

* indicates required
Resolution Updates

Updates

  1. 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.

  2. Shareholder Resolution

    ACCR Shareholder Resolution to Glencore PLC on thermal coal production

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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. Research

    Glencore’s Methane Problem

    Analysis of Glencore’s underreporting of methane emissions

  9. 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.

  10. 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.

  11. 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.