Two Local Government Pension Scheme (LGPS) pools have joined seven other institutional investors in calling for greater transparency from miner and trader Glencore on its thermal coal production.
Brunel Pension Partnership and Border to Coast Pensions Partnership alongside the other investors have supported a shareholder resolution seeking disclosure on how Glencore’s projected thermal coal production and thermal coal capital expenditure aligns with the Paris Agreement.
Other investors in the coalition include Scottish Widows, Man Group, EFG Asset Management, Swiss Federal Pension Fund PUBLICA, Pensionskasse SBB, Downing Fund Managers and Fulcrum Asset Management.
Shipra Gupta, Scottish Widows’ investments stewardship lead, said: “As a significant shareholder in many of the world’s companies, we believe it’s our responsibility to use our influence to encourage the companies we invest in on behalf of our customers to make positive changes to address climate change at a scale and pace needed to meet the 1.5°C global warming objective of the Paris Climate Agreement.”
The shareholder resolution the investors have supported was first co-filed by a global coalition of institutional investors collectively representing $2.2trn of assets under management in December 2022.
“We will be supporting this shareholder resolution towards disclosure of how the company’s projected thermal coal production and capital expenditure aligns with the Paris Agreement’s objective,” Gupta added.
This news also comes as Glencore is already on notice after nearly one-quarter of shareholders rejected its climate plan at the 2022 annual general meeting.
