Glencore investors vote for climate change disclosure


Shareholders have agreed that Glencore, which is a leading exporter of thermal coal, must offer more information on the risks faced by the company due to stringent legislations to control climate change.

At an annual meeting held last week, investors voted 98% in favour that the company must inform on legislations, as well as actions taken to curb greenhouse emissions.

Championed by the Aiming for A coalition, these demand support from the California Public Employees' Retirement System too.

"We want to engage and work with the coalition on what we all recognise will be a multiyear journey."

This coalition of fund managers has managed to get similar resolutions at other energy companuies.

Glencore chairman Tony Hayward was quoted by Bloomberg as saying: "The board fully supports this resolution."

"We want to engage and work with the coalition on what we all recognise will be a multiyear journey."

Glencore owns interests in around 30 coal mines operating in Australia, South Africa and Colombia.

Hayward added that the firm is developing technologies to meet the clean coal demand from Southeast Asia and other regions.

Though the US and Europe are using less coal for energy requirements, there is a chance of demand growing from Southeast Asia, he added.