{"id":43806,"date":"2020-08-12T18:02:58","date_gmt":"2020-08-12T08:02:58","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?page_id=43806"},"modified":"2020-10-18T20:37:43","modified_gmt":"2020-10-18T09:37:43","slug":"shareholder-wind-up-resolutions","status":"publish","type":"page","link":"https:\/\/www.marketforces.org.au\/info\/shareholder-wind-up-resolutions\/","title":{"rendered":"Shareholder resolutions call for fossil fuel wind up plans"},"content":{"rendered":"

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NO TIME TO WASTE:<\/span><\/h1>\n

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Shareholder resolutions call for fossil fuel wind up plans<\/span><\/h2>\n

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13 August 2020<\/strong><\/p>\n

Market Forces is supporting shareholders to propose resolutions, calling on pure play (undiversified) coal, oil and gas producers to demonstrate how they will \u2018wind up\u2019 (bring about an end to) their current operations over time, protecting investors\u2019 money from being wasted on new projects, and supporting workers as the economy rapidly moves on from fossil fuels to meet the Paris Agreement.<\/p>\n

Shareholder resolutions are formal proposals raised by shareholders, which must be voted on by all of a company\u2019s investors at its annual general meeting (AGM). These particular resolutions have been prepared for the four biggest pure play fuel producers on the Australian share market that have AGMs to be held in the second half of 2020: Whitehaven Coal, New Hope Group, Beach Energy, and Cooper Energy.<\/p>\n

Investors should be making the same demands of all coal, oil and gas producers that have failed to produce plans to transition their business away from fossil fuels, regardless of whether these demands are in the form of a shareholder resolution.<\/p>\n

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Managing the necessary decline<\/strong><\/h4>\n

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The companies facing these resolutions have no place in a decarbonised economy. Their business models rely on digging up and selling more dirty coal, oil and gas, when we know these industries must rapidly decline in order to meet the Paris Agreement\u2019s goal of holding warming to 1.5\u00b0C.<\/p>\n

By failing to plan for and manage this necessary decline, these companies risk burning cash on projects that cannot go ahead if we are to avoid the worst impacts of climate change. This failure exposes workers and investors – including our super funds – to the economic and social shocks of abrupt project closures.<\/p>\n

Investors must realise their moral and financial imperatives to take this opportunity to call on coal, oil and gas companies to wind up their operations in a manner consistent with the Paris climate goals, while protecting and supporting workers through the transition to a net-zero carbon economy.<\/p>\n

Take action: Use the form on this page to tell your super fund to demand fossil fuel producers wind up their operations.<\/strong><\/p>\n

This page contains factual information that is not intended to imply any recommendation or opinion about a financial product.\u00a0<\/i><\/p>\n

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TAKE ACTION<\/h4>\n

Tell your super fund to demand fossil fuel producers wind up their operations.<\/pee><\/p>\n