---
title: "Investors pile climate pressure on Glencore ahead of May AGM"
description: "Global miner Glencore faces increased pressure to clarify how it will manage its climate change commitments after investors holding more than $500-billion in assets backed a shareholder resolution to be voted on next month."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-04-19-investors-pile-climate-pressure-on-glencore-ahead-of-may-agm/"
published: "2023-04-19T05:22:03"
lang: "en-ZA"
word_count: 284
---

# Investors pile climate pressure on Glencore ahead of May AGM

> Global miner Glencore faces increased pressure to clarify how it will manage its climate change commitments after investors holding more than $500-billion in assets backed a shareholder resolution to be voted on next month.

By Reuters · Published 19 April 2023, 07:22 SAST

## Key points
- Institutional investors are calling for greater transparency from Glencore, one of the world's biggest thermal coal producers, with a shareholder resolution planned for the May AGM. The move comes as Glencore attempts to spin off its coal business in a $22.5-billion takeover bid.
- Nine institutional investors call for more transparency from thermal coal producer Glencore
- Shareholders unhappy with board decisions can rally to vote against remuneration and director appointments
- Glencore's $22.5-billion attempted takeover of Teck Resources raises issue of future responsibility over coal emissions
- Former Glencore CEO Ivan Glasenberg said in 2020 the company would run down its coal mines and would not replace them

## Content

Nine institutional investors, including Man Group, Scottish Widows and Brunel Pension Partnership, added their weight to calls for more transparency from one of the world's biggest producers of thermal coal, according to a joint statement from the Australian Centre for Corporate Responsibility (ACCR).

Major asset managers [representing $2.2-trillion in assets](https://www.reutersconnect.com/all?search=all%3AL1N33Q039&linkedFromStory=true) late last year asked Glencore to explain how its production and capital expenditure plans aligned with the Paris goals on tackling climate change as part of a shareholder resolution.

Those concerns were not adequately addressed in Glencore’s March climate report, according to the statement. At the 2022 AGM, nearly a quarter of shareholders rejected Glencore’s climate plan.

Glencore is one of the world’s largest producers and traders of thermal coal used in power generation. Record prices of the commodity helped to add some $10-billion to its earnings in the six months to June.

Shipra Gupta, Investments Stewardship Lead at Scottish Widows, said the asset manager would support the latest shareholder resolution at the annual general meeting (AGM) on 26 May in Zug, Switzerland.

Shareholders unhappy with board decisions can rally to vote against remuneration and director appointments amongst other measures.

The demands for more accountability follow Glencore’s proposal to spin off its coal business as part of its $22.5-billion attempted takeover of Canada's [Teck Resources](https://www.reutersconnect.com/all?search=all%3AL1N36K1VP&linkedFromStory=true)TECKb.TO which raises the issue of future responsibility over coal emissions should the deal go through.

Former Glencore CEO Ivan Glasenberg said in 2020 the company would run down its coal mines and would not replace them.

“I don’t see how spinning off coal mines will help us reduce Scope 3 emissions,” he said, referring to the emissions generated when the fuel sold by a company is burnt. **BM/DM**