Institutional investors reject Sasol ’s climate planParis Climate Agreement , nor how they will be linked to short and long-term executive remuneration. “Our view is that a vote on these issues would have allowed Sasol to test shareholder appetite for such disclosures, and if passed, would have provided clarity on parameters for future climate disclosures,” he said in a statement on Tuesday. The six — Old Mutual, Sanlam, Abax Investments, Coronation, AEON Investment Management and Mergence Investment Managers — co-filed a shareholder resolution for the upcoming Sasol annual general meeting that will be held on November 27, “seeking greater transparency from the company on how its long-term greenhouse gas emission reduction strategy and executive rewards align with the Paris Climate Agreement.” The resolution was submitted in October by the six investors to the Sasol board for tabling during the AGM, but was however rejected by the board which said the matters raised by the group “have been addressed and there is no longer any necessity to consider the legality of those resolutions for the upcoming AGM”. Tracey Davies of shareholder activism group, Just Share, said that the investor group’s approach to engaging with Sasol represents a fresh approach compared to the traditional approach between investors and companies engaging only “behind closed doors.” “This collaboration also marks the arrival of a new era of active ownership and responsible investment, and it is very encouraging to see the SA investor community demonstrate this kind of leadership,” she said. Sasol last week issued its climate report where it commits to “reduce by 2030 the absolute greenhouse (GHG) emissions from [their] South African operations by at least 10%, off [their] 2017 baseline”. The company’s total global GHG emissions (CO 2 equivalent) in 2017 were 67 632 metric tonnes. The report also outlines Sasol’s preliminary assessments for transforming [its] operations and shifting [its] portfolio to one that would be more suited to a low carbon economy. The transformation of Sasol’s operations would be significant as it is currently the largest emitter of greenhouse gases in South Africa, after coal-powered Eskom. This is not the first time Sasol shareholders published their concerns regarding the company’s long term plans to transition to a low carbon economy. In 2018, Sasol rejected shareholder resolutions that would compel the petrochemicals company to align its plans to Paris agreements that aim to keep global temperature increases to below 2°C above pre-industrial levels. The resolution by the six institutional investors, if tabled and passed at the AGM, would have required Sasol to publish in its annual climate risk reports for the year ending 2020 and on an annual basis and its quantitative greenhouse gas targets aligned with the Paris Agreement. The investor group says it plans to engage with the Sasol board further regarding the company’s environmental disclosures in the coming months. Thando Maeko Read more: Mail & Guardian
TBakerDavies Companies like Sasol are a liability looking at the data backed prediction of climate change related risks. Investors are rightfully risk averse. We recommend to pull out and invest in renewables. Huge growth, new jobs for all, little risk. Because we are still trying to make jobs for the Hungry marginalized , Paris and co are eating as we speak
Sasol just has to keep on producing fossil fuel and create more jobs for people and not worry about climate change
Sasol links exec pay to climate change targetsThe company will move to ensure accountability as it aims to reduce its carbon emissions Haha! Is this a joke?! It’s like linking Eskom exec pay to Moody’s upgrades. South Africa is a 3rd world country not 1st world?! What exec in their right mind will accept this remuneration policy with the ANC in charge?! Nothing like having a KPI you have zero control over! Wooohooo!!! Time to short this stock
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