Standard Bank claims to support the goals of the Paris Climate Agreement, which require an urgent transition away from fossil fuels. These directors are conflicted by virtue of their ties to fossil fuel companies; including Sasol, Exxaro and Ichor Coal.
However, Standard Bank has still not satisfactorily addressed the conflict of interest issue raised by the NGOs three weeks ago. At the AGM,posed the following question to Standard Bank’s board three times before there was an attempt by the company secretary to address it: This indicates that the bank does not understand the legal concept of a conflict of interest as dealt with in the Companies Act. The bank repeated ad nauseam that its directors are of the highest integrity, but this is beside the point. Conflicts of interest are a legal, not an ethical, issue. Standard Bank has failed to show that it deals with these conflicts in a way that is compliant with the Companies Act.
Challenged on the bank’s failure to meet a commitment made at the 2019 AGM to meet with local people and listen to their concerns, Tshabalala stated that “colleagues on the ground have been engaging”. Yet activists who are closely monitoring the project have seen no evidence of this.
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