BHP shareholders are self-assured to reject a step urging the world’s largest listed miner to suspend the membership of some industry our bodies judged to be at odds with objectives to tackle the climate crisis, initial voting in London suggested on Thursday.
Ethical traders have called for the suspension, arguing BHP’s membership of some industry organizations funds pro-coal lobbying.
One of BHP’s most significant shareholders, Aberdeen Standard Investments, a part of Standard Life Aberdeen, last week spoke out in favor of the resolution, saying foyer groups could be a significant impediment to positive change.
However, at the London annual general assembly, which designates 42% of shareholders, only 22.16% of voters supported the motion to droop membership of trade unions that are not lobbying in keeping with the Paris Climate Agreement.
The poll will be followed by another vote on Nov. 7, representing the rest 58%, in Australia, where there’s strong support for coal as a provider of jobs and wealth.
Adam Matthews, ethics and engagement director for the Church of England Pensions Board, which supported the resolution, stated it had the support of investors with over $10 trillion of assets under administration.
BHP officials say they use membership of industry bodies to push for positive change.
However, a non-governmental organization, the Australasian Centre for Corporate Responsibility (ACCR), urged BHP to rethink its position ahead of the Australian vote.
BHP has pledged to invest $400 million over five years to scale back emissions and to tackle the huge amount of pollution caused when prospects use its products, notably coking coal and iron ore to make steel.