LONDON, May 11 (Reuters) - Proxy adviser Glass Lewis has
urged investors in global miner and trader Glencore to
support a shareholder resolution asking for more disclosure on
thermal coal production.
Investors including Britain's largest asset manager Legal &
General Investment Management and the fund arm of
lender HSBC last week said Glencore's decision not to
support the shareholder resolution seeking detail on how its
coal output plans aligned with global climate goals showed a
"fundamental lack of willingness to engage".
Unlike its peers, Glencore mines and trades thermal coal,
the fossil fuel used to generate electricity. It has said it
plans to run down its coal mines by the mid-2040s, closing at
least 12 by 2035.
Glencore said in a statement dated May 3 that it opposed the
motion because it risked undermining the board's responsibility
for its climate strategy, given existing disclosures.
Glass Lewis said that, while supporting the board's
responsibility for determining the miner's climate strategy,
"significant disclosure is required for shareholders to
understand and make an educated voting decision" on the
company's 2024 climate plan.
"Adoption of this proposal would ensure that it is
continuing to provide shareholders with robust reporting on
these matters," it added in its latest proxy paper ahead of
Glencore's annual general meeting on May 26.
(Reporting by Clara Denina
Editing by David Goodman)
