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BHP Says Investors to Veto Resolution against Coal Lobbying

Coal News - Published on Mon, 09 Sep 2019

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Reuters, citing Mining giant BHP Group Ltd reported that shareholders to vote against a resolution that would require the company to quit industry groups that lobby for policies inconsistent with the Paris climate change agreement. Several BHP shareholders, including the Church of England pension fund and the Australian Centre for Corporate Responsibility, proposed the resolution to the company this week ahead of its annual general meetings.

In its filing, the ACCR noted an inconsistency between BHP's "climate-aware positioning" and "the oppositional advocacy of its industry associations", particularly in Australia, the world's top coal exporter. This included coal friendly positions taken by the Minerals Council of Australia and coal body Coal21, such as calling for government subsidies for coal-fired power stations.

BHP said that its board would recommend shareholders vote against the resolution at the annual general meetings in London on Oct. 17 and in Sydney on November 7.

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Posted By : Rabi Wangkhem on Mon, 09 Sep 2019
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