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Shareholder activist group wants Sasol to be clean about climate change lobbying

Sasol factory in Secunda, Mpumalanga.

  • JustShare and Aeon Investment Management want Sasol to elaborate on climate change lobbying.
  • Minority shareholders state that the resolution has nothing to do with holdings in the company, as major shareholders often do not play an activist role.
  • Just Share is known for encouraging businesses to adopt transparent climate change policies.

Sasol was asked by two minority shareholders to outline climate lobbying activities in the 2022 Climate Change Report.

JustShare and Aeon Investment Management, non-profit shareholder activist organizations, said Sasol’s report included a “quick assessment” of working with industry associations. Paris Agreement Goals..

“But this review is incomplete and its conclusions are not supported by an independent assessment of climate lobbying by Sasol and many of these associations.”

Just Share and Aeon hope to submit a resolution on climate change and vote for shareholders at Sasol’s Annual General Meeting of Shareholders (AGM) on November 19. They also request a list of all industry groups involved in climate-related lobbying, policy implications, involvement with Sasol’s affiliated organizations, and fees paid to those organizations.

Tracey Davies, Executive Director of JustShare, said the shareholder resolution has nothing to do with the number of shares in Sasol, as all shareholders have the opportunity to vote on the resolution.

“The proposed resolutions of most shareholders around the world are submitted by a group with a small holding of a company. Especially the major shareholders in South Africa generally do not play that role. But our activity is It’s a serious issue that gives major shareholders the opportunity to speak up about this. “

The organization is Sasol, a member of several industry associations involved in climate lobbying and policy involvement, chairing the Industry Task Team of Climate Change, an environmental subcommittee of Business Unity South Africa, and a member of the South Minerals Council’s board of directors. I said there is. Africa.

They claim that the organization is “consistently and successfully lobbying for the introduction of an effective carbon tax in South Africa,” and the Mineral Council is also active in “clean coal technology.” Evidence claiming to be leading the coal mining issue initiative in favor of coal has neutralized all or most of the devastating effects of environmental and climate change caused by coal mining, production, supply and disposal. It is clear that there is no solution to do.

Sasol confirmed the proposed shareholder resolution and said it would respond to the parties.

Just Share is a thorn on the side of some major companies on climate change issues and was previously aimed at Standard Bank’s policy on fossil fuel financing.

In May, a group of shareholders submitted a resolution seeking information on banks’ short-, medium- and long-term goals aimed at reducing exposure to fossil fuel assets on a timeline in line with the Paris Agreement goals. It was a club. ..

Shareholder activist group wants Sasol to be clean about climate change lobbying

Source link Shareholder activist group wants Sasol to be clean about climate change lobbying

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