Activist investors celebrate after mining giant promises to realign all its lobbying activity, including that done on its behalf by industry associations, with the goals of the Paris Agreement
Leading investors welcome a commitment secured from Anglo American, the UK based global mining company, to align its lobbying activity with the goals of the Paris Agreement. The announcement is the outcome of extensive engagement with the company by members of the Institutional Investors Group on Climate Change (IIGCC), as part of its European Corporate Climate Lobbying Initiative. This is backed by leading investors with over $4.7 trillion in assets under management.
Anglo American joins 11 other global companies, including Glencore, that have already committed to positive lobbying practices on climate change, as the result of engagement through IIGCC’s European Corporate Climate Lobbying Initiative2.
The commitments are also made in line with the European Investor Expectations On Corporate Lobbying On Climate Change. Investors will expect the company to act accordingly with each aspect of the expectations. This includes ensuring lobbying activity only supports, rather than frustrates, delivery of the Paris Agreement.
They also set out how lobbying activity should be undertaken in a transparent and accountable manner, supported by governance and reporting procedures. This provides investors and other stakeholders with the means of assessing progress on implementation and holding companies to account where required.
Stephanie Pfeifer, CEO, Institutional Investors Group on Climate Change, explains: “Anglo American can be commended for joining the growing list of global companies committed to positive lobbying practices on climate change. In the face of the climate crisis, this must become standard practice for global companies across all sectors of the economy."
Source: IIGCC, Business Green, Financial Times