Shareholder Resolution

The Statement of Indicative Support for the Glencore Thermal Coal Resolution

The below investors and their representatives give their indicative support for the terms of the shareholder resolution to 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.

This indicative support is subject to any response which the company may make prior to the annual general meeting in May 2023.

The resolution was co-filed in December 2022 by Glencore investors including Legal and General Investment Management, Ethos Foundation on behalf of Pensionskasse Post and Bernische Pensionskasse, Vision Super and HSBC Asset Management. The wording of the resolution is included below.

Ordinary Resolution - Projected thermal coal production

That the Climate Action Transition Plan to be presented for a vote (by whatever name called) at the 2024 Glencore plc Annual General Meeting includes:

  1. Disclosure of how the Company’s projected thermal coal production aligns with the Paris Agreement’s objective to pursue efforts to limit the global temperature increase to 1.5°C;
  2. Details of how the Company’s capital expenditure allocated to thermal coal production will align with the disclosure in a. above; and
  3. The extent of any inconsistency between the disclosure in a. above with the IEA Net Zero Scenario timelines for the phase out of unabated thermal coal for electricity.

Indicative support for this resolution is given by:

  • Man Group
  • Brunel Pension Partnership
  • EFG Asset Management
  • Swiss Federal Pension Fund PUBLICA
  • Border to Coast Pensions Partnership
  • Pensionskasse SBB
  • Scottish Widows
  • Downing Fund Managers
  • Fulcrum Asset Management

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