Climate warning
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Glencore

Climate warning

Glass Lewis joins call for increased Glencore disclosure on coal


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Proxy adviser Glass Lewis has urged investors in global miner and trader Glencore (GLEN.L) to support a shareholder resolution asking for more disclosure on thermal coal production.
Investors including Britain's largest asset manager Legal & General Investment Management (LGEN.L) and the fund arm of lender HSBC (HSBA.L) last week said Glencore's decision not to support the shareholder resolution seeking detail on how its coal output plans aligned with global climate goals showed a "fundamental lack of willingness to engage".
Unlike its peers, Glencore 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.
Glencore said in a statement dated May 3 that it opposed the motion because it risked undermining the board's responsibility for its climate strategy, given existing disclosures.
Glass Lewis said that, while supporting the board's responsibility for determining the miner's climate strategy, "significant disclosure is required for shareholders to understand and make an educated voting decision" on the company's 2024 climate plan.
"Adoption of this proposal would ensure that it is continuing to provide shareholders with robust reporting on these matters," it added in its latest proxy paper ahead of Glencore's annual general meeting on May 26.

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  • We Don't Have Time

    56 w

    Dear Grace Njeri Thank you for getting your climate warning to level 2! We have reached out to Glencore and requested a response. I will keep you updated on any progress! /Adam We Don't Have Time

    1
    • Tabitha Kimani

      57 w

      I wish there is a way to make this companies left with no choice, left with no alternative but to disclose their emissions to the world and what they are doing towards restoring climate change.

      10
      • Peter Karanga

        57 w

        Given the urgent need to tackle climate change, increased transparency and disclosure from companies like Glencore regarding their generation and burning of coal is absolutely essential. Without this information, it's impossible for investors to weigh up the financial risks and ethical implications associated with investing in coal projects. We applaud Lewis for joining the call for increased disclosure from Glencore, as it will help bring the debate to the forefront and help push for better regulations that protect the environment.

        12
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