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Shareholder Resolutions

Standard Bank “TCFD shareholder resolution” (AGM: 30 May 2019)

In April 2019, Standard Bank tabled a resolution submitted by two shareholders, the RAITH Foundation and Theo Botha, with support from Just Share. This was the first climate-related resolution to be tabled at a JSE listed company. The resolution was in two parts (10.1 and 10.2). The first required the bank to prepare a report on its exposure to climate risk in its lending, financing and investment activities, and the second part required the bank to adopt and publicly disclose its policy on lending to coal-fired power projects and coal mining operations. Both 10.1 and 10.2 needed more than 50% vote to pass.

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Voting results

While the first part of the resolution did not pass, it received significant support with 38% of shareholders voting in favour, indicating strong shareholder demand for climate risk-related disclosure. The second part of the resolution was passed with 55% of shareholders voting in favour. Resolution 10.2 is therefore binding on the company. We are now engaging with the bank as to when it will publicly disclose its policy on lending to coal-fired power projects and coal mining operations, as a date had not been stipulated in the resolution.

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Sasol Limited “2 degree scenario” shareholder resolution (2018)

In June 2018, Sasol informed the shareholders who proposed this resolution that the company would not be tabling the resolution at its 2018 AGM.

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