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Zug - Glencore [JSE:GLN] investors have agreed that the largest exporter of coal burned for power should provide more information on risks to its business from growing levels of government legislation to tackle climate change.
Shareholders at an annual meeting in Switzerland voted 98% in favour of requiring more information on public-policy positions and actions Glencore takes on greenhouse gas pollution.
Such proposals are championed by the Aiming for A coalition of fund managers, which already secured resolutions at BP and Royal Dutch Shell. The California Public Employees’ Retirement System has also expressed support.
Glencore is the largest exporter of thermal coal with interests in about 30 operating coal mines in South Africa, Australia and Colombia.
Renewable energy
"The board fully supports this resolution," said chairperson Tony Hayward.
"We want to engage and work with the coalition on what we all recognise will be a multi-year journey."
A growing number of investors and regulators are considering whether untapped deposits of oil, gas and coal around the world, valued at trillions of dollars and controlled by some of the biggest resource companies, will be stranded as nations seek to curb climate change.
With almost 20% of Glencore’s energy needs coming from renewable sources, the company will look for ways to deploy renewable energy at its operations, where it makes commercial sense, Hayward said.
Glencore is working to develop clean-coal technologies as it wants to cater for growing coal demand in regions such as Southeast Asia, Hayward said.
