BlackRock voted against Glencore's climate progress report
LONDON - Major Glencore shareholder BlackRock was among investors to reject the mining giant's climate progress report at its annual meeting in May, citing inconsistencies, a voting disclosure page on the asset manager's website shows.
BlackRock's entities, which collectively own more than 6% of Glencore's stock, according to LSEG data, boosted dissident shareholders and helped the total votes in opposition to the company's climate plan pass 30% for the first time.
Noting that while Glencore has improved climate-related risks and opportunities disclosures, "BIS is concerned that aspects of the report and recent developments have pointed to inconsistencies in the company's stated strategy," it said in a report published to clients on August 23.
BlackRock allows many clients to cast their own votes at companies' annual general meetings. It declined to comment further on the disclosure.
The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why.
Glencore mines and trades thermal coal, used to generate electricity, and has said it plans to run down its mines by the mid-2040s, closing at least 12 by 2035.
Many of the world's biggest listed companies published their first climate action plans in 2020 to cut emissions in a bid to help with reaching the 2015 Paris Agreement goal of capping temperatures within 1.5 degrees Celsius.
But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures.
With $9.4 trillion under management, BlackRock's votes have become key to many contests at companies around the globe and in turn drawn much scrutiny of its practices.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation