Spotlight turns to coal at Glencore as pressure mounts on climate plans

·7-min read

Glencore is braced for a heated debate over its highly profitable coal-mining business when it meets shareholders this week as the group comes under pressure to tackle climate change. A growing number of shareholders support a resolution asking the company to explain how its thermal coal production — the largest of any company outside China and India — is compatible with its climate goals. Legal & General Investment Management, Allianz, Scottish Widows, Man Group and HSBC Asset Management have all backed the measure in recent days, as have proxy advisers Glass Lewis and Institutional Shareholder Services.