INTERNATIONAL – FirstRand Ltd., Africa’s biggest bank by market value, has committed to disclosing its fossil fuel-related assets and lending but said it can’t meet a deadline requested by some investors.
A resolution to produce that information by October next year wasn’t passed at the Johannesburg-based company’s annual general meeting on Thursday. However, shareholders backed FirstRand’s decision to publish its policy for lending to fossil-fuel projects. FirstRand became the second South African company to table climate risk-related resolutions after Standard Bank Group did so in April.
“It’s a big step forward,” said Tracey Davies, director of South African shareholder activist organization Just Share. “We appreciate that it’s complex and that a lot of work needs to be done and that works takes time, but we are saying you have to start somewhere.”