Standard Bank investors urged to oust directors on climate fears
JOHANNESBURG – Shareholder and environmental activists from around the world have written to investors of Africa’s biggest bank by assets, Standard Bank Group Ltd., asking that they vote against the re-election of seven non-executive directors with ties to fossil-fuel companies.
The letter, prepared by Cape Town-based Just Share and co-signed by 14 other groups, including BankTrack of the Netherlands and France’s Reclaim Finance, comes as South African banks face increasing pressure to follow international trends and take more action on climate-related issues.
“The re-election of Standard Bank’s climate-conflicted board members will entrench a high tolerance for exposure to the fossil-fuel industry for years to come,” the letter reads. “We therefore call on you, as a responsible investor, to vote against the re-election of these directors at Standard Bank’s upcoming annual general meeting.”
Source: iol.co.za
