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.