ACCR has been monitoring the activities of various industry associations that campaign against sensible climate policy. Previously this has lead to shareholder resolutions at BHP and Rio Tinto about their membership of the Minerals Council of Australia. We have recently turned our attention to climate related lobbying by the Business Council of Australia (BCA).
For many years, the Business Council of Australia (BCA) has sought to undermine effective action on climate change. In recent months, the BCA has described ambitious emissions reductions targets as “economy wrecking” and as leading to “deindustrialisation”.
ACCR has been engaging with numerous BCA members about its advocacy on climate policy, in an attempt to have the BCA play a more positive role. Westpac is a BCA member with arguably the most progressive positions on climate change. We asked Westpac to publicly distance itself from the BCA’s most negative statements. In the absence of this, we filed a shareholder resolution with the bank on Thursday 11/10/18 seeking clarification of their position on climate advocacy.
Following further engagement with the company, this resolution was withdrawn on 15/10/18. You can read our media release here.
Thank you to each of our supportive shareholders for getting this resolution over the line.