BHP Group Doesn't Endorse Resolution to Split with Lobby Groups
05 Septiembre 2019 - 4:23AM
Noticias Dow Jones
By Oliver Griffin
BHP Group PLC (BHP.LN) on Thursday said it didn't endorse
resolutions proposed by shareholders which called for it to suspend
its membership of industry lobby groups that advocate for policies
at odds with the Paris climate change agreement.
On Tuesday, the Australasian Centre for Corporate
Responsibility, a nonprofit group that promotes ethical investment,
filed a resolution backed by investors including the Church of
England Pensions Board and Grok Ventures, that called on BHP, the
world's biggest miner by value, to stop funding aggressive lobby
groups for the coal industry.
The ACCR had filed a special resolution to amend BHP's
constitution so that it will be able to file the second ordinary
resolution that calls for the company to abandon its support of
coal lobbyists.
A special resolution needs at least 75% of shareholder votes to
pass and, if it fails, the ordinary resolution won't be valid.
However, in most cases, corporations will still publish the voting
results for the second resolution regardless of whether the special
resolution passes or not.
BHP said it didn't endorse either resolution. It said the
ordinary resolution makes no reference to the broader benefits that
industry associations can provide and said its membership in
certain groups allows it to lead, influence and strengthen
standards in a number of areas including environmental
protection.
As such, the company recommended that shareholders vote against
both of the proposed resolutions.
The company said it is currently reviewing its industry
associations and will publish the outcome of the review. It argued
that the ordinary resolution incorporates actions it has performed
since 2017.
Responding to global warming remains a priority governance and
strategic issue for BHP and the company will continue to take
action, the miner said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
September 05, 2019 05:08 ET (09:08 GMT)
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