The large Australian mining company had committed to climate change targets, yet was a member of industry associations that were involved in lobbying inconsistent with the goals of the Paris Agreement.
We publicly declared our intention to support the shareholder resolution to approve the suspension of the company's memberships of such industry associations and we also reccomended that our clients recalled stock out on loan in order to support the resolution.
We were pleased that this proposal received strong support (22% supported, and almost 8% abstained) from shareholders, increasing pressure on the company. We regard the issue as being open and are hopeful that the company will review their membership in such trade associations.