2022 AGM Roundup 3 (14 November – 2 December 2022)

In this roundup:

  • Sasol and African Rainbow Minerals (ARM) host hybrid AGMs with voice integration.
  • Shoprite discloses its internal minimum hourly wage for “frontline employees”, but no details of its transformation targets.
  • ARM commits to setting scope 3 emission reduction targets in 2023.
  • Shoprite and Woolworths fall short on backing up claims of board climate competence.
  • Sasol assesses pay gaps, but will not disclose remuneration amounts or ratios. Sasol receives reduced shareholder support for its climate plans and progress.
  • Woolworths commits to improved disclosure of gender representation and to publish a roadmap for a living wage. The retailer has no clear plan to meet its renewable targets.
  • FirstRand commits to focus on female board appointments after failing to meet its diversity and transformation targets. ARM also commits to “significantly” improve its board’s underwhelming female representation targets.
  • FirstRand is the first bank to estimate positive impacts from its deals, but delays setting science-based emission reduction targets.

At the following AGMs, Just Share asked 28 questions relating to inequality (wage / gender pay gaps and income inequality), diversity and transformation, climate change, and related governance issues.

  • Shoprite Holdings Limited, 14 November 2022
  • Woolworths Holdings Limited, 23 November 2022
  • FirstRand Limited, 1 December 2022
  • African Rainbow Minerals Limited, 1 December 2022
  • Sasol Limited, 2 December 2022

Our third and final AGM roundup for 2022 summarises the key issues addressed at these AGMs and sets out commitments made by the companies in response to questions asked.

Prior to the AGMs, Just Share published a briefing with the results of our analyses of the climate-related disclosures of Shoprite and Woolworths, and, together with the Centre for Environmental Rights, we published two Sasol briefings primarily related to climate change and air quality, respectively.

Download AGM Roundup 3

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2022 AGM Roundup 3 (14 November – 2 December 2022)

Just Share’s Inequality Symposium: video highlights

Briefings: Sasol’s climate and air quality disclosures

New Just Share report: Introduction to corporate climate lobbying in South Africa

Look beyond business’s hot air

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