Thursday 19 September 2019
At today’s AGM in Sydney, over 30% of shareholders, worth more than AU$3.8bn, voted against management and in support of a resolution calling on the company to reduce emissions in line with the goals of the Paris Climate Agreement.
Response from Will van de Pol, Market Forces Legal Analyst
“Today’s vote was an historic demonstration of investor support for real climate action from an Australian company. Key Investors are finally putting their money where their mouths are, using their voting power to demand Australia’s biggest climate polluter brings its business into line with the Paris climate goals.
However, AGL’s vehement opposition of the resolution belies the company’s claimed support for the Paris Agreement. Its plan to manage transitional climate change risk amounts to relying on others to do far more than their fair share of the heavy lifting, while AGL continues with business as usual.
AGL has had more than enough time to bring its business plans into line with the goals of the Paris Agreement. Institutional investors must recognise that AGL has no interest in playing its part in the transition to a low carbon economy and divest from AGL along with any other company that is undermining action to limit global warming to 1.5°C.”