Thungela Resources Limited AGM round-up

Just Share has published a round-up of Thungela Resources Limited’s AGM, which took place on Tuesday, 4 June 2024.

Key takeaways: climate targets, climate resolutions and authority to issue shares

  • Thungela has still not set any targets to reduce its scope 3 emissions before 2050, and CEO July Ndlovu refused to provide a timeline for setting such targets, stating that the company would not want to set targets which it would not be able to meet. However, the effect of this is that the company does not have a credible decarbonisation plan: the Science Based Target Initiative, for example, requires companies to set at least one near-term, science-based scope 3 target when scope 3 emissions make up 40% or more of its total emissions, in order to have a credible climate strategy.
  • Despite refusing for the second year in a row to table a shareholder-proposed resolution filed earlier this year by Just Share, Aeon Investment Management and Fossil Free South Africa, Thungela would not commit to tabling its own “say on climate” resolution, which would give its shareholders an opportunity to vote on the credibility of its decarbonisation strategy. This type of resolution is increasingly becoming standard practice at fossil fuel companies around the world.
  • The resolution requesting general authority for directors to allot and issue ordinary shares received only 48% support.

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