TIDMGLEN
RNS Number : 4143E
Glencore PLC
28 October 2022
Glencore plc
Baar, Switzerland
28 October 2022
AGM climate vote shareholder consultation update
At the Company's AGM held on 28 April 2022, 76.28% of votes cast
supported Resolution 13, to approve the Company's 2021 Climate
Progress Report (Climate Resolution). In accordance with Provision
4 of the UK Corporate Governance Code, as more than 20% of votes
were cast against the Climate Resolution, Glencore has consulted
with shareholders and is providing an update on the views received
and actions taken.
Glencore engaged with shareholders prior to the AGM and
continued such dialogue through extensive engagement with major
investors after the vote. This process, including, but not limited
to specific consultation in accordance with Provision 4 of the
Code, has given us valuable insights on the evolution of
shareholders' views and voting approach on our strategy and
progress, representing a wide cross-section of shareholders who
voted in different ways on our Climate Resolution.
Glencore is grateful to all those who have taken the time to
engage on this important issue. We have reflected carefully on the
feedback received and will continue to engage with shareholders and
other stakeholders, as well as monitor external market
developments. Insights from this engagement have been and will
continue to be factored into our internal deliberations for
consideration.
Shareholders continue to reinforce that climate strategy will
remain an important area of focus. There was broad support for our
climate strategy, recognising the importance of maintaining a
strategy that remains resilient to the risks and opportunities of
the evolving energy transition, and encouragement to continue our
focus on progressing towards our ambition of achieving a net zero
total emissions footprint by 2050. A limited number of shareholders
looked for opportunities to accelerate our current total emissions
reduction pathway (50% reduction by 2035), while some raised the
prospects for incremental growth in our coal production. However,
the overwhelming majority of shareholders reiterated their support
for our current responsibly managed coal decline strategy and
associated targets.
In response to constructive recommendations received, we
will:
1. publish our Climate Progress Report on the same date as our
Annual Report in March 2023 (previously released in the December
period), to ensure alignment and consistency across both
reports
2. enhance disclosures in the Climate Progress Report regarding
our planning and progress around the execution of our climate
strategy
3. provide more detail on our Board and management governance of
climate matters, and
4. engage further with key proxy voting advisors to seek an
improved understanding of our climate strategy in various
areas.
We look forward to updating shareholders on our progress against
our strategy and next steps at our full year results presentation
in February 2023. Further details on Glencore's response to the
outcome of our Climate Resolution vote will be provided in our 2022
Climate Report and 2022 Annual Report and Accounts to be published
in March 2023.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Company Secretarial
John Burton t: +41 41 709 26 19 m: +41 79 944 54 34 john.burton@glencore.com
Nicola Leigh t: +41 41 709 27 55 m: +41 79 735 39 16 nicola.leigh@glencore.com
Lionel Mateo t: +41 41 709 28 47 m: +41 79 152 09 05 lionel.mateo@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 responsibly - sourced commodities that advance
everyday life. Through a network of assets, customers and suppliers
that spans the globe, we produce, process, recycle, source, market
and distribute the commodities that enable decarbonisation while
meeting the energy needs of today.
Glencore companies employ around 135,000 people, including
contractors. With a strong footprint in over 35 countries in both
established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global
network of more than 40 offices.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
Glencore recognises our responsibility to contribute to the
global effort to achieve the goals of the Paris Agreement. Our
ambition is to be a net zero total emissions company by 2050. In
August 2021, we increased our medium-term emission reduction target
to a 50% reduction by 2035 and introduced a new short-term target
of a 15% reduction by 2026.
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Disclaimer
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
companies.
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