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BY
Seneca ESG
- April 19, 2023
Investors with more than USD500bn in assets have backed a shareholder resolution calling for global mining company Glencore to provide more information about how it will manage its climate change commitments, as reported by Reuters on April 18. Nine institutional investors, including Man Group, Scottish Widows, and Brunel Pension Partnership, have supported calls for greater transparency from one of the world’s largest producers of thermal coal. The demands come after major asset managers representing USD2.2tr in assets asked Glencore to explain how its production and capital expenditure plans align with the Paris Agreement’s goals on tackling climate change. Concerns were not adequately addressed in Glencore’s March climate report, according to the investors. The latest shareholder resolution will be voted on at Glencore’s annual general meeting (AGM) on May 26 in Zug, Switzerland.
Glencore, one of the world’s largest diversified natural resource companies, is facing increasing pressure to take action on climate change. In addition to the shareholder resolution backed by investors holding over USD500bn in assets, Glencore is also facing criticism from activist groups and civil society organizations. Some have called for the company to phase out its coal business entirely, while others have criticized its environmental and human rights record. As investors increasingly push for greater transparency and accountability on climate issues, Glencore will likely face continued scrutiny over its environmental impact and plans for reducing its carbon footprint.
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