Glencore's shareholders are urged to vote down a climate progress report, according to a Advisory Group

Glencore's shareholders are urged to vote down a climate progress report, according to a Advisory Gr ...

On Friday, a senior proxy adviser advised Institutional Shareholder Services (ISS) asked to Glencore Plc's shareholders to vote against the Anglo-Swiss miner's climate progress report.

Similar reports from Glass Lewis & Co and the Australasian Centre for Corporate Responsibility (ACCR) show the rise in investor pressure on businesses to keep an eye on their climate risks.

Glencore's main concern is that thermal coal is responsible for the majority of its Scope 3 emissions, according to ISS, and that the company's review of its carbon emission standards is "against a 2019 baseline."

At its investor meeting on April 28, Glencore is seeking shareholder approval for its climate progress report.

The company's first climate action plan, which was first published in December 2020, had received 94 percent approval in Glencore's favor at its annual general meeting in 2021.

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