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ISS advises Glencore shareholders to vote against climate progress report

Glencore's Cerrejon coal mine.

Glencore's Cerrejon coal mine.

15th May 2023

By: Reuters

  

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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.

Edited by Reuters

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