Glencore PLC board of directors expressed support for a shareholder resolution co-sponsored by CalPERS calling for a report on environmental risks and opportunities associated with climate change.
The Baar, Switzerland-based Glencore's “chairman and head of sustainability met with representatives of the coalition prior to the requisition being submitted and expressed their support of the resolution's purpose,” the company said in a statement posted on its website.
Anthony Hayward is chairman and Michael Fahrbach, head of sustainability.
The $293.6 billion California Public Employees' Retirement System, Sacramento, is urging other shareholders to support the proposal, according to a CalPERS news release.
“We are very pleased that Glencore's management supports this resolution,” Anne Simpson, CalPERS investment director of global governance, said in the news release. “They understand investors need environmental reporting to best understand a company's risks and opportunities.”
The C$282.6 billion ($225 billion) Canada Pension Plan Investment Board, Toronto; $171.4 billion Ontario Teachers' Pension Plan, Toronto; and $126.6 billion Texas Teacher Retirement System, Austin, plan to vote in favor of the proposal, according to their proxy-voting disclosures.
Mr. Fahrbach and Glencore spokesmen couldn't be reached for comment.
The company requires at least three-quarters of the votes cast in favor, the Glencore statement said.
The Glencore statement continued: “The company already discloses the group's energy and emissions performance and position on climate change in its annual sustainable development report. The company has begun to assess its existing disclosures, commitments and carbon-related activities and determine what additional reporting on risks associated to climate change would be required to comply with the resolution.”
The Glencore annual meeting is May 19.
