TIDMGLEN
RNS Number : 6627W
Glencore PLC
13 December 2023
Glencore plc
Baar, Switzerland
13 December 2023
AGM climate vote shareholder consultation update
At the Company's AGM held on 26 May 2023:
1. 30.25% of votes were cast against Resolution 13, to approve
the Company's 2022 Climate Report, and
2. 29.2% of votes were cast in favour of Resolution 19,
shareholder resolution in respect of the next Climate Action
Transition Plan.
In accordance with Provision 4 of the UK Corporate Governance
Code (Code), as more than 20% of votes were cast against the
Board's recommendation for these resolutions, Glencore has
consulted with shareholders and is providing an update on the views
received and actions to be taken.
Glencore engaged with shareholders prior to the AGM and has
continued this dialogue through extensive engagement with investors
after the vote on a range of climate-related matters. This year
Glencore also undertook a review of its Climate Action Transition
Plan, in accordance with the commitment made at the 2021 AGM. We
sought investors' views on anticipated changes in the updated plan
during the consultation period.
Glencore is grateful to all those who have taken the time to
engage on these important matters. This process, including the
specific consultation in accordance with Provision 4 of the Code,
has given us valuable insights into the evolution of shareholders'
views and voting approach on our progress and updated transition
plan, representing a wide cross-section of shareholders who voted
in different ways on these climate-related resolutions.
We have reflected carefully on the feedback received and will
continue to engage with shareholders and other stakeholders, as
well as monitor external developments. Insights from this
engagement have been and will continue to be factored into our
internal deliberations.
Climate strategy continues to be an important area of focus for
our shareholders. There continues to be broad support for our
climate strategy, which seeks to maintain resilience to the risks
and opportunities of the evolving energy transition, while
maintaining focus on progressing towards our ambition of achieving
a net zero total industrial emissions footprint by 2050, assuming a
supportive policy environment. The principal areas of interest for
our shareholders include:
- Comparison of our targets and ambition to all relevant IEA
scenarios, including Net Zero scenarios,
- Understanding progress on industrial emissions reduction
between our short-term target of 2026 and medium-term target of
2035, and
- Integration of the recently announced acquisition of 77% of
Teck's Elk Valley Resources (EVR) steel making coal assets into the
climate strategy.
In response to the constructive recommendations we received, we
will, among other actions:
- Maintain our commitment to reducing our total industrial
emissions footprint and report on progress against our targets and
ambition,
- Update our assessment of the resilience of our portfolio and
expand our analysis of our targets and ambition against a range of
climate policy scenarios,
- Address the climate-related aspects of the proposed acquisition of EVR.
We intend to publish our updated Climate Action Transition Plan
in March 2024, as well as to report on our progress against our
industrial emission reduction targets and ambition in our 2023
Annual Report to be published in March 2024.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 commodities that advance everyday life. Through a
network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the
commodities that support decarbonisation while meeting the energy
needs of today.
With around 140,000 employees and contractors and a strong
footprint in over 35 countries in both established and emerging
regions for natural resources, our marketing and industrial
activities are supported by a global network of more than 40
offices.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
We recognise our responsibility to contribute to the global
effort to achieve the goals of the Paris Agreement by decarbonising
our own operational footprint. We believe that we should take a
holistic approach and have considered our commitment through the
lens of our global industrial emissions. Against a 2019 baseline,
we are committed to reducing our Scope 1, 2 and 3 industrial
emissions by 15% by the end of 2026, 50% by the end of 2035 and we
have an ambition to achieve net zero industrial emissions by the
end of 2050. For more detail see our 2022 Climate Report on the
publication page of our website at glencore.com/publications .
linkedin.com/company/glencore
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Disclaimer
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By their nature, forward-looking statements involve known and
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outcomes expressed or implied by such forward-looking statements.
Important factors that could impact these uncertainties include,
but are not limited to, those disclosed in the risk management
section of our latest Annual Report and Half-Year Report (which can
each be found on our website). These uncertainties may materially
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the assumptions regarding the recoverable value of our tangible and
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of foreign currency exchange rates on market prices and operating
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Neither Glencore nor any of its affiliates, associates,
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representation, warranty, assurance or guarantee that the
occurrence of the events, results, performance, achievements or
other outcomes expressed or implied in any forward-looking
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against reliance on any forward-looking statements.
Except as required by applicable regulations or by law, Glencore
is not under any obligation, and Glencore and its affiliates
expressly disclaim any intention, obligation or undertaking, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. This
document shall not, under any circumstances, create any implication
that there has been no change in the business or affairs of
Glencore since the date of this document or that the information
contained herein is correct as at any time subsequent to its
date.
No statement in this document is intended as a profit forecast
or a profit estimate and past performance cannot be relied on as a
guide to future performance. This document does not constitute or
form part of any offer or invitation to sell or issue, or any
solicitation of any offer to purchase or subscribe for any
securities. Certain statistical and other information about
Glencore included in this document is sourced from publicly
available third-party sources. As such it has not been
independently verified and presents the view of those third
parties, but may not necessarily correspond to the views held by
Glencore and Glencore expressly disclaims any responsibility for,
or liability in respect of, such information.
Due to the inherent uncertainty and limitations in measuring
greenhouse gas and air emissions and operational energy consumption
under the calculation methodologies used in the preparation of such
data, all greenhouse gas and air emissions and operational energy
consumption data or volume references (including ratios and/or
percentages) in this document are estimates. There may also be
differences in the manner that third parties calculate or report
such data compared to Glencore, which means that third-party data
may not be comparable to Glencore's data. For information on how we
calculate our greenhouse gas and air emissions and operational
energy consumption data, see our latest Reporting criteria for
selected KPIs, Climate Report and Extended ESG Data, which can be
found on our website.
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
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also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
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