2023-05-26 17:25:05 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) secured 70% support for its climate progress report at its annual general meeting Friday, less than last year's 76% backing, and a similar percentage supported a resolution seeking more disclosure on how its thermal coal production aligns with efforts to limit the increase in global temperatures to 1.5 Celsius.
The votes above 20% were sufficient to require the company to engage with investors on both resolutions.
Top U.K. asset manager Legal & General Investment Management and the fund arm of lender HSBC were among investors filing a request for more information to assess Glencore's ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) alignment with global climate goals.
"Glencore must recognize that neither the risks of its thermal coal business nor the concerns of investors are going away," said Australian Centre for Corporate Responsibility, which filed the resolution.
Chairman Kalidas Madhavpeddi won ~90% support from shareholders.
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Glencore's climate report sheds more shareholder support