Mining giant Anglo American backs climate change resolutions

ClientEarth and the Aiming for A investor coalition today welcome the news that Anglo American’s Board is supporting its shareholder resolution calling for more transparency over climate change risks and opportunities. This follows the news last week that Rio Tinto’s Board also supported the same resolution at its AGM, joining Glencore which confirmed its support in December.

Investors backing the climate change resolution make up more than 5% company voters

ClientEarth assisted with the filing, with investors responsible for more than $8 trillion making the call on the mining giants. The focus now shifts to achieving the support of 75% of shareholders for the special resolutions to pass. The coalition already has a good track record of success, as similar resolutions presented last year at oil majors BP and Shell passed with more than 98% approval.

Supporters of the resolution include four of the world’s ten largest pension funds: Dutch funds ABP via APG and PFZW via PGGM, North American funds CalPERS and the Canada Pension Plan Investment Board, together with four of continental Europe’s largest ten fund managers, including Aegon Asset Management, Amundi Asset Management, AXA Investment Managers and BNP Paribas Investment Partners and eight of the UK’s ten largest pension funds and ten largest asset managers, including Railpen, USS, Aviva Investors and Schroders. Smaller investors like Churches and charities were also involved, including a dozen individuals with investment portfolios at Rathbone Greenbank Investments.

ClientEarth lawyer Alice Garton said: “It’s essential that carbon-intensive companies recognise the risks and opportunities associated with climate change and communicate this effectively to their investors. Anglo-American’s board has made a positive move towards this and we urge the company’s shareholders to follow suit at the AGM by voting to approve this resolution.”