Business & Industry Coal Finance

Climate Change: Standard Bank shareholders to address risk

Legalbrief, 23 April

Standard Bank has become the first listed company in SA to ask shareholders to vote on whether they believe the bank should be more transparent about its exposure to climate change risk. A Moneyweb report notes that this relates specifically to its lending, financing and investment activities. The proposed resolution was published in the group’s notice of its upcoming AGM, released last week. It was proposed by the Raith Foundation and shareholder activist Theo Botha, with support from advocates for responsible investing, Just Share. Despite tabling the resolution, the Standard Bank board has surprisingly recommended that shareholders vote against the resolution. Standard Bank, like its peers, is grappling with climate change and its associated risks and recently announced that it would only provide finance for coal-fired power stations within a certain set of parameters. If more than 50% of its shareholders vote in favour of the resolution, Standard Bank will have to report to shareholders its assessment of the greenhouse gas emissions resulting from its financing portfolio and its exposure to climate change risk in its lending, investing and financing activities. This includes the amount and percentage of carbon-related assets relative to total assets, and a description of any significant concentrations of credit exposure to carbon-related assets. See Analysis

Full Moneyweb report

See Analysis

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