Nedbank Group Limited AGM round-up

Just Share has published a round-up of Nedbank Group Limited’s AGM, which took place on Friday, 31 May 2024.

Key takeaways

  • From 2022 to 2023, Nedbank’s exposure to upstream oil increased by 13%, and to upstream gas by 11%. Of most concern is the 173% increase to its upstream gas facility limits, which Nedbank states is due to its commitments to gas projects.
  • Nedbank has published “glidepaths” for reducing its financed emissions from the fossil fuel and power generation sectors. The fossil fuel glidepaths set new interim targets for reducing emissions from coal, oil, and gas financing by 2030, off a 2022 baseline. However, the bank had already met its oil and gas target in 2023, allowing it to increase its financed emissions from these sectors, provided they decline again to current levels by 2030.
  • Nedbank confirmed its view of the necessity of gas as a transition fuel and would not commit to a date before 2030 at which it will begin to reduce its exposure to gas.
  • The power generation glidepath sets a cap on Nedbank’s financed emissions from power generation by 2030. This cap is set higher than its current financed emissions from that sector, again allowing for an increase in lending to fossil fuel-based power generation up to 2030.
  • Nedbank indicated that current gender diversity at board level (at 23%) “is low”, but would not be drawn on setting a board gender parity target.

Download the full round-up

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