ISS advises Glencore shareholders to vote against climate progress report
Glencore's Cerrejon coal mine.
As a magazine-and-online subscriber to Creamer Media's Engineering News & Mining Weekly, you are entitled to one free research
report of your choice. You would have received a promotional code at the time of your subscription. Have this code ready and click
At the time of check-out, please enter your promotional code to download your free report.
Email email@example.com if you have forgotten your promotional code.
If you have previously accessed your free report, you can purchase additional Research Reports by clicking on the “Buy Report” button on this page.
The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa - you can upgrade your subscription now at this link.
The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa -
you can upgrade your subscription now at this link.
For a full list of Research Channel Africa benefits, click here
If you are not a subscriber, you can either buy the individual research report by clicking on the ‘Buy Report’ button, or you can
subscribe and, not only gain access to your one free report, but also enjoy all other subscriber benefits, including 1) an electronic archive of back issues
of the weekly news magazine; 2) access to an industrial and mining projects browser; 3) access to a database of published articles; and 4) the ability to
save articles for future reference.
At the time of your subscription, Creamer Media’s subscriptions department will be in contact with you to ensure that you receive a copy of your preferred Research Report. The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa - you can upgrade your subscription now at this link.
If you are a Creamer Media subscriber, click here to log in.
LONDON - Glencore's investors should vote against the global miner and trader's climate progress report and in favour of a shareholder resolution seeking more disclosure on thermal coal, proxy advisor Institutional Shareholder Services (ISS) said.
ISS joins proxy advisory firm Glass Lewis and investors including Britain's largest asset manager Legal & General Investment Management LGEN.L in supporting a motion seeking detail on how Glencore's thermal coal output plans aligned with the world's climate goals.
Another minority investor, Allianz Global Investors (AllianzGI), said on Monday that it will vote in support of the shareholder resolution.
Glencore - whose annual general meeting is scheduled for May 26 - said in a statement dated May 3 that it opposed the shareholder motion because it risked undermining the board's responsibility for its climate strategy, given existing disclosures.
The Swiss company mines and trades thermal coal, the fossil fuel used to generate electricity. It has said it plans to run down its coal mines by the mid-2040s, closing at least 12 by 2035.
"Questions persist over the plan's alignment to Paris goals," ISS said in its latest report dated May 12.
"The lack of a dedicated capex to the transition is also highlighted, as is the emphasis on reductions post-2035, as opposed to this decade," it added.
Just 24% of investors voted against Glencore's climate progress report at its 2022 AGM, with some citing slow progress in scaling back coal production.