|Australia & New Zealand Banking Group Ltd.||2020||N/A||https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-anz-dec-2020.pdf|
…we have engaged extensively with various board and executive team members at ANZ over the last several years on a range of issues driving long-term shareholder value, including board composition and effectiveness, remuneration, business oversight and risk management, climate risk management and corporate strategy and culture.
In November 2020, ANZ released an updated climate change statement, where the company explains that it will act in support of customer, community and government efforts to facilitate an orderly and just transition to net zero emissions by 2050. To achieve this, ANZ will focus on three areas:
1) Help customers (including their 100 largest greenhouse gas emitters) to identify climate risks and opportunities, create transition plans and report publicly on their progress;
2) Support transitioning industries to help grow the economy; this includes not directly financing any new coal-fired power plants or thermal coal mines, including expansions. Existing direct lending will run off by 2030;
3) Reduce ANZ’s impact by managing and reducing emissions from their own operations.
- Transition Planning Disclosure
The independent fiduciary also reported that a growing number of studies raise concerns about the significant stranded asset risks in thermal coal investments. Many financial services firms have, as a result, signaled that they are considering phasing out their financing of thermal coal. As such, the independent fiduciary came to the conclusion that the proposal is in line with shareholder and market expectations, therefore it would be useful to investors for ANZ to disclose a timeline detailing its expectations to phase out some fossil fuel exposures by 2030.