Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Construction
Company Year Market Link
HeidelbergCement AG 2020 N/A https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-heidelbergcement-jun-2020.pdf

BIS has engaged with HeidelbergCement over the past several years on a range of governance and material sustainability topics, including climate-related disclosures. In November 2017, we wrote a letter to HeidelbergCement’s chair of the management board and chair of the supervisory board, asking the company to closely review the TCFD framework and to consider reporting in alignment with its recommendations.
Since sending our letter in 2017, HeidelbergCement has made a number of commitments to address climate related risks. In 2019, the company established an ambitious target to reduce by 15% its scope 1 greenhouse gas (GHG) emissions and by 65% its scope 2 emissions per ton of cementitious materials by 2030 vs 2016.2 The company also committed to offering CO2-neutral concrete by 2050, at the latest.
While the company’s 2019 climate-related disclosures provide useful insights into these efforts, its limited progress in explicitly aligning its reporting with the TCFD recommendations and lack of public commitments to move towards TCFD-aligned reporting falls short of our expectations of large carbon emitters with a previous history of engagement with BIS on this topic…In line with our approach of holding directors accountable when a company is not effectively addressing a material issue, we voted against the discharge of Fritz-Jürgen Heckmann for lack of progress in relation to climate-risk reporting.

Details

  • Proponent
  • Management
  • Resolution
  • Approve Discharge of Supervisory Board Member Fritz-JürgenHeckmann for Fiscal 2019
  • Vote
  • AGAINST
  • Rationale
  • N/A
  • Details
  • HeidelbergCement is not an official TCFD supporter and has made no public commitment regarding the alignment of its disclosures with the recommendations of the TCFD. The company’s2019 annual report and its section dedicated to “climate and emissions protection” do not demonstrate sufficient progress since we sent our letter in 2017 towards aligning its climate-related disclosures with the TCFD recommendations. In addition to the lack of explicit reference to the TCFD, the company’s disclosures do not address some of the recommended disclosures of the TCFD framework such as a more detailed discussion on supervisory board oversight, risks and opportunities over the short, medium and long-term, and the resilience of the organization’s strategy, taking into consideration different climate-related scenarios and disclosures on scope 3 emissions.
    In line with our approach of holding directors accountable when a company is not effectively addressing a material issue, we voted against the discharge of Fritz-Jürgen Heckmann for lack of progress in relation to climate-risk reporting. Mr. Fritz-Jürgen Heckmann is chair of the supervisory board and the most senior non-executive director. In addition, there is no clearly identified supervisory board committee specifically in charge of the oversight of climate-related issues.