In the news: ‘Voting against another woeful climate plan is essential for risk-focused investors’

Say on Climate news from Business Green, The Guardian, Financial Review and others.
19 March 2024
shareholder meeting climate plan voting

From the media fallout following the SEC’s watered down climate resolutions to shareholder conversations on climate in the steel and gas industries, here is the latest news on Say on Climate and climate plan voting:

US regulators approve significantly scaled back climate disclosure rule 

The Guardian, 6th March 2024 

Writing on the SEC’s newly announced climate disclosure ruling, Dharna Noor at The Guardian reports that some experts warn the new regulations offer a weakened version of proposed changes which ‘pave the way for greenwashing.’ Although large, publicly traded companies will be required to disclose climate-change related information to investors, the scope of those disclosures may be severely limited. 

Credit: Scott Graham on Unsplash

Rio bows to investor pressure on green steel spending 

Financial Review, 19th March 2024

Following sustained pressure from big investors, Rio said on Tuesday that in response to talks with investors and the Australian Centre for Corporate Responsibility (ACCR) it had agreed to beef up its reporting on efforts to reduce carbon emissions from the processing of iron ore by its mainly Chinese steel-making customers. This decision will improve Scope 3 disclosures after years of lobbying for better financial transparency.

Read the full article here. For the bigger picture, read this ACCR report on insights for the green steel transformation and what climate plan voting can do for the industry.

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Tying executive pay to climate performance is the way forward 

Business Green, 11th March 2024

According to Smiths Group’s John Ostergen, green executive pay incentives are a powerful route to achieving meaningful progress on sustainability goals. Companies are increasingly building metrics that measure a company’s environmental performances as a consideration when determining the pay packages of top bosses. This Business Green article details why executive compensation is a shareholder tool of climate plan voting that incentivises directors and executives, and how it might be used as a strategy to reduce greenhouse gas emissions for environmentally-minded investors. 

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No change at Woodside: Chair Richard Goyder rebuffs investor push for board up-skill 

ACCR, 18th March 2024

Media reports have emerged saying that superannuation fund HESTA — which holds 0.8% of Woodside’s shares — has “constructively engaged” with the fossil fuel giant and put forward director candidates for chair, Richard Goyder, to consider. However, ACCR points out that a notice of meeting, released late Friday, contained no nominations of new director candidates. Effective climate plan voting is necessary to rectify Woodside’s short-sightedness on climate argues ACCR Executive Director, Brynn O’Brien who says, “At the upcoming AGM, a vote against yet another woeful climate plan and the chair who delivered it is not only justified, but essential for risk-focused investors.” 

Elsewhere, The Sydney Morning Herald writes that ‘Woodside mounts bid to stave off another investor revolt’ and Bloomberg reports that ‘Woodside investor calls for new directors with climate skills’.

Credit: Marek Piwnicki on Unsplash

Enbridge urges shareholders to reject climate resolutions at upcoming AGM 

Canada’s National Observer, March 15th 2024

Canada’s National Observer reports that gas giant Enbridge is urging its shareholders to vote against proposed climate-related resolutions at its upcoming AGM. Enbridge vehemently rejected the proposals — two resolutions calling on the gas producer to better its performance on climate — in filings published this week. One resolution calls on Enbridge to disclose all of its Scope 3 emissions.

Credit: Marek Piwnicki on Unsplash

More recent news for those interested in Say on Climate: 

19 March 2024