AllianzGI Backs Call for Thermal Coal Transparency at Glencore

Allianz Global Investors (GI) has announced it will be supporting a shareholder resolution filed at mining major Glencore urging the company to disclose how its thermal coal production aligns with Paris Agreement objectives. The proposal will be voted on at Glencore’s AGM on 26 May, and further asks the company the disclose how it aims to align thermal coal-related capital expenditure with climate goals. Given the material contributions of the thermal coal portfolio to the wider business, AllianzGI has said it is “imperative” to understand the degree to which Glencore is exposed to transition risk. Matt Christensen, Global Head of Sustainable and Impact Investing at AllianzGI, said: “We intend to cast our proxy vote in support of the motion requesting the company disclose how their thermal coal production aligns with Paris Agreement objectives, as well as how they aim to align associated capital expenditure. It was due to this lack of transparency that AllianzGI could not support the management proposed climate plan.” Last week, AllianzGI also revealed the firm would support a shareholder resolution at oil and gas major Chevron which is calling for the company to extend its climate action plan to cover Scope 3 emissions. Chevron’s AGM will be taking place on 31 May.

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