Shareholder Action 2017

Market Forces is working with shareholders to put climate change on the agenda of Australia’s biggest companies, and getting some great results.

Below are some highlights from annual general meetings held so far in the second half of 2017. We’ll be updating this page as AGM season ramps up throughout the rest of the year, so be sure to check back regularly.

  • Tick the companies that you own shares with and that you would like to engage (with assistance from Market Forces) on climate change and environmental issues.

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Shareholder support for climate risk disclosure at Orign

20 October 2017

  • IAG admitted they haven’t been able to get their message through to the federal government to bring about sane climate mitigation and adaptation policy
  • The company acknowledged the increasing cost of natural disasters, particularly Tropical Cyclone Debbie, and the need for spending on climate change adaptation. That probably not a bad idea seeing as IAG have paid out more on natural disasters than provisioned in ten of the last eleven years

Click to read our full write up the IAG AGM

Shareholder support for climate risk disclosure at Orign

18 October 2017

  • 14% of shareholder votes, representing about $1.8 billion worth of stock, supported a shareholder resolution coordinated by Market Forces, calling on Origin to improve its climate risk disclosure
  • Two other resolutions, also coordinated by Market Forces, requesting the company produce a transition plan and measure fugitive methane emissions, received 3.42% and 4.83% support respectively
  • When asked why Origin pays more to attend political functions than its peers, chair Gordon Cairns said the sate of Australia’s energy policy was largely to Origin’s influence. He thinks helping bring about the that the train wreck that is our national energy policy was “money well spent”

Click to read our full write up the Origin AGM

AGL shareholders back Liddell closure

27 September 2017

  • 126 AGL shareholders, representing $5.4 million worth of shares delivered a statement, supporting the board’s decision to close its Liddell coal power station in 2022
  • Shareholders also called on the bank to “get out of coal” much sooner than the middle of the century
  • Board stated that building new coal power stations would be uneconomical given the rapidly falling price of renewables

Click to read our full write up the AGL AGM

Suncorp to divest from fossil fuels?

21 September 2017

  • Company Chair said he suspects Suncorp’s investments in fossil fuels ‘may be completely immaterial’ in two years time
  • Suncorp say they support the Taskforce on Climate-related Financial Disclosures, but the company is still studying the framework, and will decide whether to implement it in the next several months
    • Suncorp is clearly lagging many other major financial institutions on this issue

Click to read our full write up the AGL AGM

Macquarie “not aware” of climate risk recommendations

27 July 2017

  • Macquarie Group Chairman Peter Warne made the startling admission that he “was not familiar” with the recommendations of the Taskforce on Climate-related Disclosures (TCFD)
    • While the TCFD may not be well known in the community, its recommendations should be well understood by those in the finance world, whose businesses face massive risks due to climate change
  • Macquarie still refused to pledge its support for the 2°C limit, which its major Australian banking peers have done

Click to read our full write up of the Macquarie AGM