Just Share urges investors to oppose Sasol's climate resolution at AGM

JUST Share, a shareholder activism group, says it recommends that investors vote against Sasol’s “say on climate” shareholder resolution at the fuels-from coal and chemicals group's November 14 annual general meeting, but Sasol has staunchly defended its emissions roadmap.

- EDWARD WEST

Just share said Thursday that there remain “multiple significant questions” about the feasibility and robustness of Sasol’s “optimised Emission Reduction Roadmap" (ERR) that it released at its Capital Markets Day in May this year - the ERR will achieve the same 30%-by-2030 emission reduction targets to which it committed in 2021, at a reduced cost.

Just Share said most of Sasol’s emissions were from the Secunda Operation’s coal-to-liquid process and “offsetting” emissions did not prevent harm from burning fossil fuels.

Broadly, Sasol intended to raise production as well as “offset” increased emissions through renewable energy investments and carbon offsets, the organisation said.

Just Share also raised concern that following this year’s AGM, shareholders will not be able to express their opinion on the climate change strategy again until 2028, unless the strategy is materially changed,

It said Sasol also continued to refuse to table shareholder proposed resolutions at its AGM’s - this year it had refused to put a resolution co-filed by Just Share and Aeon Investment Management.