It could be argued that the past week saw climate activists suffer a stunning defeat at the hands of two of South Africa’s biggest companies — Sasol and FirstRand Ltd.
This was despite that the resolutions were backed by some of South Africa’s biggest investors — Old Mutual Investment, Sanlam Investment Managers, Abax Investments, Coronation Fund Managers, Aeon Investment Management and Mergence Investment Managers — according to shareholder activist group Just Share.Ordinary resolution number six, which
In addition, Sasol had made no disclosures on climate risk and had no emission-reduction targets in place. Standard Bank and FirstRand have gone further and have stated that they will not provide any finance for new thermal coal projects.promised that a “full roadmap for FirstRand’s climate risk disclosure” would be published in 2020.In the case of Sasol, the board has not gone nearly far enough, but at least the climate report sets out targets against which they can now be held accountable.”Over 75% of shareholder questions were on climate change management.
There is no time as today to wake up! When there is no water, there is no life!
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