Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Mining
Company Year Market Link
BHP Group Plc/Limited 2019 N/A https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-bhp-nov-2019.pdf

The aims of our climate risk engagements remain two-fold: (1) to promote effective management of material climate risks, and (2) to understand how these risks are likely to impact the company’s business over time.
Recognizing the importance of climate-related risks, BHP discloses how it monitors and analyzes the potential impacts on its business2. Upon analysis and engagement, our assessment is that BHP is taking steps to both manage and, where possible, mitigate climate-related business risks and monitor portfolio resilience. The company is a recognized leader3 in the mining industry for its commitments to climate-risk management. BHP significantly strengthened its climate-related ambitions in July 2019 through a series of commitments that include:
• a USD400m Climate Investment Program to develop technologies to reduce emissions from its own operations as well as those generated from the use of its resources;
• a new medium-term, science-based target for scope 1 and 2 emissions in line with the Paris Agreement;
• a new climate-risk portfolio analysis report;
• a strengthening of the link between executive remuneration and greenhouse gas emissions performance; and,
• a commitment to set public goals to address scope 3 emissions.
BHP’s track record, and our engagements with their management and board, give us confidence in their judgment on these issues.

Details

  • Proponent
  • N/A
  • Resolution
  • Lobbying inconsistent with the goals of the Paris Agreement
  • Vote
  • AGAINST
  • Rationale
  • N/A
  • Details
  • BlackRock voted against the shareholder resolution because:
    1. BHP is an industry leader on climate-related issues;
    2. BHP’s track record, and our engagements with their management and
    board, give us confidence in their judgment on these issues;
    3. The ultimate goal of this resolution appears to be more targeted at the
    industry associations than at driving positive outcomes at BHP.