18 December 2020 As members of the Australian government seek to launch a probe into the legality of banks divesting from fossil fuels, NAB’s annual shareholder meeting saw its investors push for the bank to further limit funding in line with the Paris Agreement. In addition to a shareholder resolution … Read More
ANZ held to account for climate inaction at AGM
16 December 2020 Following the release of a lacklustre update to its climate policy in October, today’s ANZ annual general meeting (AGM) saw the bank’s board held to account for the gap between rhetoric and action on climate change. However, perhaps the bank wasn’t as prepared to bear the weight … Read More
Westpac 2020 AGM: funding climate failure is the ‘sweet spot’
11 December 2020 Westpac’s board knew they would be facing tough questions from shareholders at today’s annual general meeting (AGM) given the banks’ continued funding for Australia’s most climate-destructive companies, including Whitehaven Coal and Santos. The bank’s updated climate policy, released in May, was a step forward as it pledged … Read More
CommBank fails to gaslight shareholders over its gas lending at 2020 AGM
13 October 2020 Today’s annual general meeting (AGM) heard from Commonwealth Bank shareholders who clearly feel the bank isn’t living up to its climate claims and commitments, especially considering its funding for expansion of the gas industry. Gas lending incompatible with the Paris Agreement In August 2019, CommBank committed to … Read More
FAR Ltd betting against Paris climate goals
27 May 2020 FAR Ltd is an oil and gas exploration company, with one major project nearing development: the Sangomar oil field off Senegal’s coast. With the company’s entire business model predicated on new oil and gas developments that cannot be burned in a 1.5°C warming scenario, Market Forces has … Read More
Fossil fuel investments tanking
16 May 2020 The value of Australia’s fossil fuel producers has tanked over the last 10 years, a trend which has been exacerbated during the Covid-19 pandemic. We identified 11 companies in the top 300 listed on the Australian share market (ASX 300) whose sole business is producing coal, oil … Read More
Caltex still has no emission targets or fossil fuel exit plans
14 May 2020 Caltex claims to support the Paris climate goals, but still has not set any targets to bring down its greenhouse gas emissions, or transition away from its fossil fuel operations. The company today told shareholders it plans to continue investing in its oil refining business, which has … Read More
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 opposed the proposal, the vote represents … Read More
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 Lee went on to say, “we wouldn’t set in … Read More
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 the resolution. Coordinated by the Australasian Centre for Corporate … Read More
