Advisory firm ISS urges Glencore shareholders to vote down climate progress report

div classBodysc17zpet90 cdBBJodivpReuters – Top proxy adviser Institutional Shareholder Services ISS joined a couple of other advisory firms on Friday in recommending Glencore Plc‘s shareholders to vote against the AngloSwiss miner’s climate progress report.p

pThe recommendation follows similar reports by Glass Lewis & Co and Australasian Centre for Corporate Responsibility ACCR, highlighting the growing investor scrutiny on companies to adhere to their accounting of climate risks.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pOne of the key concerns surrounds Glencore‘s activities around thermal coal, which accounts for the majority of its Scope 3 emissions, ISS said, adding that the company’s revision of its carbon emission targets is “against a 2019 baseline”.p

pGlencore is seeking shareholder approval for its climate progress report at its investor meeting on April 28.p

pThe company‘s first climate action plan, published in December 2020, had received 94 votes in Glencore’s favour from shareholders at its 2021 annual general meeting.p

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pp Reporting by Savyata Mishra in Bengaluru Editing by Rashmi Aichp

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