Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Energy
Company Year Market Link
Santos Limited 2020 N/A

In our engagements with the company over the past several years, Santos has demonstrated it is responsive to investor feedback. For example, in 2017 it was encouraged to report in alignment with TCFD framework recommendations and published its first climate change report the following year.
…The company has publicly indicated that it will be in a stronger position to improve disclosures and consider more ambitious targets following completion of a Carbon Capture and Storage (CCS) technology pilot in the Cooper basin, scheduled to finish by the end of 2020. The company has publicly explained that CCS climate mitigation research is of strategic importance to the future of the company and its carbon reduction targets alike and may also benefit the industry more broadly. The company’s decision to continue funding its CCS study while placing other capital expenditure under review due to recent economic shocks signals a commitment to research and development that may prove valuable to the company’s future, the broader energy transition, and ultimately long-term shareholder value.


  • Proponent
  • Shareholder
  • Resolution
  • Ordinary Resolution on Paris Goals and Targets
  • Vote
  • Rationale
  • N/A
  • Details
  • Our vote for management on this proposal is based on the conviction that management is committed to addressing shareholder concerns and will consider more ambitious goals following carbon-mitigation research…
    While we are supportive of more ambitious targets on Scope 1 & Scope 2 emissions, we believe Scope 3 targets encompassing all indirect emissions in a company’s value chain take time to implement, particularly for the natural gas sector. We suggest any future proposals be structured to provide shareholders with the opportunity to vote on each class of emissions separately (i.e. a separate line item for Scope 3).