JSE-listed coal producers Exxaro and Thungela have opted not to table non-binding, advisory shareholder climate lobbying resolutions filed by activist shareholders at their upcoming AGMs. It’s the latest of many such skirmishes.
Activist organisations Just Share and Fossil Free South Africa, along with investment management company Aeon Investment Management, say coal mining companies Exxaro Resources and Thungela Resources are refusing to table nonbinding advisory shareholder resolutions filed on April 19. This is ahead of Exxaro’s and Thungela’s annual general meetings (AGMs) that are scheduled to be held on May 18 and 31, respectively.
South Africa s state-owned power utility Eskom s disrepair and reliance on coal, coupled with Sasol Ltd. s late plans to reduce emissions, threaten the country s economy and climate change initiatives.