Last week in the USA, JPMorgan Chase announced the demotion of former Exxon CEO and architect of climate denial, Lee Raymond, from his previous lead director role. Yet in Australia, the head of AMP David Murray stays in his position of chairman despite having...
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Huge gains in investor support for real climate action at Rio Tinto
7 May 2020 37% of Rio Tinto's shareholders today voted in favour of a shareholder proposal calling on the mining giant to set Paris-aligned targets to reduce its greenhouse gas emissions, including those generated by the use of its products. Given Rio Tinto’s board...
QBE’s fossil fuel inconsistency questioned at AGM
7 May 2020 As has been the case now for several years (see 2019 and 2018), fossil fuels and the climate crisis dominated insurance company QBE's annual general meeting (AGM) today, despite it being shifted online due to the COVID-19 pandemic. With QBE having announced...
Westpac sets thermal coal exit date, re-commits to Paris alignment
Oil Search must abandon oil and gas expansion
1 May 2020 Oil Search, Australia’s third largest pure play oil and gas company, today told shareholders its current strategic review will lead the company to “settling on a strategy that is consistent with the interests of shareholders.“ Company Chair Richard...
Woodside fights historic investor demand for Paris-alignment
30 April 2020 A record-breaking 50% of Woodside Petroleum's investors today voted in favour of a shareholder proposal calling on the company to align with the Paris climate goals. This is an incredible result, considering the Woodside board's vehement opposition to...
Marsh and Mercer ignoring staff wishes by continuing Adani coal work
27 April 2020 Insurance broker Marsh has been working with the conglomerate Adani for several years, most recently searching the globe for insurance companies willing to cover the Adani Carmichael coal project construction and operation. With 16 major insurers...
Super funds continue to block climate action
23 April 2020 Major super funds in Australia are continuing to vote, on behalf of their members, against the majority of shareholder proposals that would improve companies’ climate risk management. By investing our retirement savings in company shares, super...
Adani faces debt bill as Abbot Point refinancing fails
15 April 2020 The deteriorating financial state of the Adani Group and its Abbot Point coal export terminal raise serious questions about the ability of Adani to keep using its own money to finance the much-delayed Carmichael coal mine and rail line. Three major debts...
Millions call on Westpac to end funding of fossil fuel expansions
15 April 2020 Market Forces has coordinated a letter signed by 52 organisations representing 4.2 million people from all over the world, calling on new Westpac CEO Peter King to end Westpac's practice of loaning money to expansionary coal, oil and gas projects and...