Activists claim victory

Environmental and shareholder activists have claimed a victory even though the first climatechange-related resolution in SA was voted down at

Standard

Bank’s

AGM on Thursday.

The resolution, which is the first of its kind to be tabled and voted on in SA, received support from a significant 38% of its shareholders.

Although it was not passed, the amount of support indicated there could be more to come as pressure mounts for corporate SA to place climate change issues higher on the agenda.

The resolution was proposed by the Raith Foundation and shareholder activist Theo Botha, with support from Just Share, a responsible investment non-profit organisation.

If passed, Standard Bank would have been required to report to shareholders by the end of November on its exposure to climate risk.

Another resolution, which would require Standard Bank to disclose a policy on lending to coalfired power projects and coal mining operations, was placed on the agenda by the same activists and passed at Thursday’s AGM with 55% of the vote.