South African NGO Just Share has co-filed a shareholder proposal at Sasol calling on the energy giant to set Paris-aligned targets. It is the second year in a row that Just Share and the Raith Foundation have put forward a climate proposal at the Johannesburg-based firm, but this year’s filing is without the support of the country’s larger investors.
Last year, six institutional investors – including Old Mutual Investment Group – took the “unprecedented” step and co-filed a proposal with the NGOs asking Sasol to report on how its emission reduction strategy aligns with the goals of the Paris Climate Agreement
Sasol blocked that resolution on the basis of an undisclosed legal opinion, claiming that such proposals “would constitute a usurping of the powers of the Board by the shareholders”.
Just Share disputes the company’s interpretation of South Africa’s Companies Act and points to similar proposals voluntarily tabled at financial groups …