Investors put pressure on miners over Paris climate deal

Investors want a trio of the world’s largest miners to make greater disclosure of risks associated with climate change, after this month’s Paris agreement to limit global warming. Rio Tinto, Anglo American and Glencore could face shareholder votes next year on whether they should reveal more about how their businesses might perform in a low-carbon world. The targeting of the mining companies, which are among the largest UK-listed miners of coal, comes after a coalition of investors succeeded in winning similar votes at BP and Shell at their shareholder meetings this year.

Both boards at the oil groups supported the shareholder resolutions, which were approved with 98 per cent in favour and became binding on the companies.

Glencore said on Tuesday that it would support the resolution that investors in the Aiming for A coalition intend to put to its annual meeting in May.

Anglo said it was also likely to support a resolution, while Rio said it had had “constructive” talks with the group.

The Paris deal on climate change underlines the growing expectation that companies depending substantially on fossil fuels — including coal miners, oil producers and power generators — will have to adapt their businesses over the longer term.

It has also refocused attention on whether some fossil fuel resources could be unusable and therefore “stranded” as part of global attempts to limit global warming.

Read more on Financial Times