Around Australia, shareholders are acting to make companies take climate change and human rights seriously. Super fund members like you can help their cause by telling your fund to vote your retirement savings in favour of resolutions that protect people and planet.
Having coordinated support from more than 100 shareholders of each company, Market Forces has lodged resolutions at both CommBank and Origin that would force the companies to disclose and manage climate change risk. We are also supporting resolutions coordinated by our friends at the Australian Centre for Corporate Responsibility, demanding BHP leave the anti-climate action lobby, the Minerals Council of Australia, as well as moves to improve Woolworths’ human rights performance.
TAKE ACTION! Your super fund has the power to vote on these resolutions. Click here to tell your fund to support these important resolutions.
Commonwealth Bank Resolution
Anyone who has followed our work recently will know Commbank’s ‘climate villain’ credentials:
- CommBank is Australia’s second biggest lender to fossil fuels over the past decade
- They’ve loaned $6 billion to fossil fuels since committing to support the goal of holding global warming below two degrees
- That’s four times more than the bank loaned to renewable energy in that time!
- And includes finance for new projects that are expected to add almost 3 billion tonnes of CO2 to the atmosphere
- Their new Climate Change Position Statement fails to restrict lending to fossil fuels in any way, leaving the bank well behind dozens of its peers on climate policy
Clearly CommBank needs to change its approach to climate change. And that’s exactly what our resolution would ensure. The resolution proposes to make it the duty of directors to manage the company in a manner that is consistent with the objective of holding global warming to below two degrees.
Origin Energy operates Australia’s largest coal-fired power station, Eraring; they are our fourth largest greenhouse gas polluter and they continue to explore and develop new coal seam gas fields to feed their Australia Pacific LNG project at Gladstone. Despite claiming to support the goal of holding global warming to less than 2°C, the company continues to spend billions of dollars exploring and developing more fossil fuel reserves. The three resolutions ask Origin to:
- Improve its climate risk disclosure by setting a target to reduce its own emissions in line with the Paris Agreement;
- Publish a transition plan to reach net zero emissions by the middle of the century (in addition to its short term renewables goal);
- Comprehensively measure its fugitive methane emissions – which have far greater global warming potential than carbon dioxide.
BHP and Woolworths Resolutions
The Australian Centre for Corporate Responsibility (ACCR) have worked with shareholders to lodge a resolution with BHP, calling on the mining giant to end its membership of the Minerals Council of Australia (MCA). The MCA is a business association which actively lobbies against climate change action, having opposed the carbon tax, and more recently the clean energy target. The resolution’s supporting statement notes clear inconsistencies between BHP’s public policies and the MCA’s lobbying activities.
ACCR has also coordinated a resolution to Woolworths, calling on the company to improve its reporting on the human rights impacts of their businesses.