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Big investors are disappointed Australia's largest coal producer Glencore won't support a push for information about the future of coal.
A resolution filed by a group of institutional investors aimed to get Glencore to explain at its upcoming annual general meeting how thermal coal aligns with growing international ambitions to switch electricity supply to renewable sources.
Swiss mining giant Glencore, which has operations across NSW and Queensland, was already on notice after nearly one quarter of shareholders rejected its climate plan at the last annual general meeting.
But in its notice of meeting for May 26, Glencore's board has declared it will not support the resolution.
Michael Wyrsch, deputy CEO at Vision Super, said the resolution would have set in place a mechanism for Glencore to demonstrate to investors that they were meeting their Paris commitments.
"This disregard for investors as they seek transparency across the Glencore business is a missed opportunity by the company to demonstrate respect for investors who are seeking clear information to navigate energy transition risks," he said.
Glencore has pledged to run down its thermal coal mines by the mid-2040s, expecting them to be depleted by then.
But the resolution demands evidence of how that fits with the Paris Agreement to limit global warming to 1.5 degrees and the International Energy Agency's timetable for phasing out unabated thermal coal.
"By failing to support the resolution, Glencore is denying investors the opportunity to fully assess this risk," Australasian Centre for Corporate Responsibility spokeswoman Naomi Hogan said.
The company has been contacted for comment.
