Opposition above the 20% threshold constitutes material dissent among shareholders.
The new plan published in March included an intermediate target to reduce emissions by 25% by 2030, following investors’ demands for clarity on the company’s steps toward achieving net zero by 2050.
“The introduction of a new 2030 target, covering all scopes and absolute in nature, is a positive development,” proxy adviser ISS said in a report ahead of the AGM.
Many of the world’s biggest listed companies published their first climate plans in 2020 to cut emissions in line with the 2015 Paris Agreement goal of capping temperature increase to within 1.5 degrees Celsius of pre-industrial levels.
Glencore mines and trades thermal coal, used to generate electricity and a major contributor to greenhouse gas emissions, and also has coking coal assets.
It plans to run down its thermal coal mines by the mid-2040s, closing at least 12 by 2035.
The…
