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GLN: AGM climate vote shareholder consultation update
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
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.
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Disclaimer
This document contains statements that are, or may be deemed to be, "forward-looking statements" which are
prospective in nature. Such statements may include, but are not limited to, statements in respect of trends in commodity
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expectations, plans, strategies and objectives of management; climate scenarios; sustainability performance (including
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approval of certain projects and consummation of certain transactions (including acquisitions and disposals); closures or
divestments of certain assets, operations or facilities (including associated costs); capital costs and scheduling; operating
costs and supply of materials and skilled employees; financings; anticipated productive lives of projects, mines and
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These forward-looking statements may be identified by the use of forward-looking terminology, or the negative thereof
including, but not limited to, "outlook", "guidance", "trend", "plans", "expects", "continues", "assumes", "is subject to",
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"believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events
or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs,
opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial
conditions and discussions of strategy, and reflect judgments, assumptions, estimates and other information available as
at the date of this document or the date of the corresponding planning or scenario analysis process.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements to differ materially from any future event, results, performance,
achievements or other 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 affect
the timing and feasibility of particular developments. Other factors include, without limitation, the ability to produce and
transport products profitably; demand for our products; changes to the assumptions regarding the recoverable value of
our tangible and intangible assets; changes in environmental scenarios and related regulations; recovery rates and other
operational capabilities; health, safety, environmental or social performance incidents; natural catastrophes or adverse
geological conditions; the outcome of litigation or enforcement or regulatory proceedings; the effect of foreign currency
exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in
taxation or regulation, and political uncertainty.
Neither Glencore nor any of its affiliates, associates, employees, directors, officers or advisers, provides any representation,
warranty, assurance or guarantee that the occurrence of the events, results, performance, achievements or other
outcomes expressed or implied in any forward-looking statements in this document will actually occur. Glencore cautions
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
document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to
Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not
imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are 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
purpose is served by identifying the particular company or companies.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 13-12-2023 02:00:00
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