Tracey Davies, executive director of Just Share
In a first for South Africa, at Standard Bank’s Annual General Meeting yesterday, climate-conscious shareholders compelled the bank to adopt and publicly disclose a policy on lending to coal-fired power projects and coal mining operations. Resolution 10.2 received 55% of shareholder votes, and is therefore binding on the company. This is the first time that a South African bank – or any listed South African company – has faced a shareholder resolution on a climate-related issue. Standard Bank’s board had recommended that shareholders vote against it. (more…)
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