{"id":80676,"date":"2025-07-29T16:24:48","date_gmt":"2025-07-29T06:24:48","guid":{"rendered":"https:\/\/www.marketforces.org.au\/?p=80676"},"modified":"2025-07-29T16:38:43","modified_gmt":"2025-07-29T06:38:43","slug":"macquarie-receives-shareholder-revolt-on-climate-at-2025-agm","status":"publish","type":"post","link":"https:\/\/www.marketforces.org.au\/macquarie-receives-shareholder-revolt-on-climate-at-2025-agm\/","title":{"rendered":"Macquarie receives shareholder revolt on climate at 2025 AGM"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-background has-medium-font-size\" style=\"background-color:#ffa06a\"><strong>2025 AGM result: 35.2% in favour<\/strong> <strong>of climate resolution<\/strong><\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The first ever climate-related <a href=\"https:\/\/www.marketforces.org.au\/macquarie-faces-first-ever-climate-focused-shareholder-resolution\/\" target=\"_blank\" rel=\"noreferrer noopener\">shareholder resolution<\/a> at Macquarie, filed by Market Forces, received significant support from shareholders with a huge <a href=\"https:\/\/announcements.asx.com.au\/asxpdf\/20250724\/pdf\/06m3lcy5h4hhyn.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">35%<\/a> of shareholder votes in favour. The resolution called on Macquarie to align its fossil fuel finance with its climate commitments.&nbsp;<\/li>\n\n\n\n<li>This is the largest ever display of shareholder support for a climate resolution at a major Australian bank.&nbsp;<\/li>\n\n\n\n<li>Macquarie\u2019s support for one of Australia\u2019s biggest new gas fracking developments, the Northern Territory\u2019s Beetaloo Basin, was a major topic and came under fierce scrutiny leading into and at the AGM.&nbsp;<\/li>\n\n\n\n<li>The board was presented with an <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/projects\/beetaloo\/\" target=\"_blank\" rel=\"noreferrer noopener\">open letter<\/a> with over 10,000 signatures calling on the bank to provide no further funding to the companies seeking to frack the Beetaloo.&nbsp;<\/li>\n\n\n\n<li>Fed-up members of the community rallied out the front of the AGM and made sure their voices were heard by Macquarie\u2019s board.<\/li>\n\n\n\n<li>Macquarie faces further outrage if it continues contravening its net zero commitments by supporting fossil fuel expansion.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"take-action\">Take action!<\/h3>\n\n\n\n<p class=\"has-text-align-center\"><strong>Tell Macquarie\u2019s CEO and Chair to listen to shareholders and stop funding dangerous fossil fuel expansion!<\/strong><\/p>\n\n\n<script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof 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data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_700' style='display:none'><form method='post' enctype='multipart\/form-data'  id='gform_700'  action='\/wp-json\/wp\/v2\/posts\/80676' data-formid='700' novalidate>\n                        <div class='gform-body gform_body'><div id='gform_fields_700' class='gform_fields top_label form_sublabel_below description_below validation_below'><fieldset id=\"field_700_1\" class=\"gfield gfield--type-name gfield--input-type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/legend><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_700_1'>\n                            \n                            <span id='input_700_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_700_1_3' value=''   aria-required='true'     \/>\n                                                    <label for='input_700_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_700_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_700_1_6' value=''   aria-required='true'     \/>\n                                                    <label for='input_700_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/fieldset><div id=\"field_700_3\" class=\"gfield gfield--type-email gfield--input-type-email gfield--width-full gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_3'>Email Address<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_3' id='input_700_3' type='email' value='' class='large'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><fieldset id=\"field_700_15\" class=\"gfield gfield--type-radio gfield--type-choice gfield--input-type-radio gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label' >Are you a Macquarie customer or shareholder?<\/legend><div class='ginput_container ginput_container_radio'><div class='gfield_radio' id='input_700_15'>\n\t\t\t<div class='gchoice gchoice_700_15_0'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Customer'  id='choice_700_15_0' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_700_15_0' id='label_700_15_0' class='gform-field-label gform-field-label--type-inline'>Customer<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_700_15_1'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Both a customer and shareholder'  id='choice_700_15_1' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_700_15_1' id='label_700_15_1' class='gform-field-label gform-field-label--type-inline'>Both a customer and shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_700_15_2'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Shareholder'  id='choice_700_15_2' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_700_15_2' id='label_700_15_2' class='gform-field-label gform-field-label--type-inline'>Shareholder<\/label>\n\t\t\t<\/div>\n\t\t\t<div class='gchoice gchoice_700_15_3'>\n\t\t\t\t\t<input class='gfield-choice-input' name='input_15' type='radio' value='Neither' checked='checked' id='choice_700_15_3' onchange='gformToggleRadioOther( this )'    \/>\n\t\t\t\t\t<label for='choice_700_15_3' id='label_700_15_3' class='gform-field-label gform-field-label--type-inline'>Neither<\/label>\n\t\t\t<\/div><\/div><\/div><\/fieldset><div id=\"field_700_13\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">If Macquarie customer<\/h3><\/div><div id=\"field_700_4\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_4'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_4' id='input_700_4' type='text' value='Macquarie must heed shareholder warning on climate' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_700_6\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_6'>Your message to Macquarie<\/label><div class='gfield_description' id='gfield_description_700_6'>(Your name will be automatically added to the bottom of the email.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_6' id='input_700_6' class='textarea large'  aria-describedby=\"gfield_description_700_6\"    aria-invalid=\"false\"   rows='10' cols='50'>Dear Shemara Wikramanayake and Glenn Stevens,\n\nI am a Macquarie customer and I understand that at Macquarie\u2019s 2025 AGM over 35% of shareholders voted for a resolution calling on the Group to disclose a scientifically credible plan for managing its fossil fuel finance activity in line with its commitments to net zero emissions by 2050 and the goals of the Paris Agreement. \n\nThis is the biggest shareholder vote against a bank on climate grounds in Australia\u2019s history. The board and leadership team should be rapidly responding to this level of shareholder backlash, including taking immediate steps to rectify the completely inadequate fossil fuel finance frameworks that Macquarie currently has in place. \n\nIt was reported that once Macquarie\u2019s leadership learned it was facing its first ever strike against the company\u2019s Remuneration Report ahead of its 2025 AGM it was scrambling to understand and address shareholder concern [1]. \n\nThis same level of urgency must be applied to shareholders&#039; concerns about Macquarie\u2019s approach to climate change. \n\nMacquarie continues to financially support the expansion of the fossil fuel industry, with the most egregious example being its funding of what could become Australia\u2019s largest gas fracking development, the Beetaloo sub-Basin in the Northern Territory. If this project is developed to full scale, as Macquarie\u2019s clients Beetaloo Energy and Tamboran Resources intend, the estimated lifetime emissions would be enough to wipe out more than 450 years of emissions savings from the renewable energy projects Macquarie provided \u2018green finance\u2019 for in 2024. \n\nThese are not the actions of a Group committed to the goals of the Paris Agreement and limiting warming to 1.5\u00b0C. The IPCC has concluded that new and expanded fossil fuel developments will make the goals of the Paris Agreement unachievable, yet Macquarie continues to enable projects like Beetaloo. \n\nThe responses from Macquarie\u2019s board at its 2025 AGM to these grave concerns were largely dismissive. The chair refused to publicly acknowledge the IPCC\u2019s conclusions on fossil fuel expansion, and also stated that Macquarie is not assessing the climate transition plans of Beetaloo Energy and Tamboran Resources \u201cbecause they aren\u2019t producing\u201d yet. This is an unacceptable approach for a bank supposedly committed to global climate goals. The sole stated business intention of these two companies is to commercialise the enormous gas reserves in the Beetaloo sub-Basin and operate it for decades to come [2]. It defies belief that Macquarie would not be assessing these companies\u2019 future plans for alignment with Paris before providing them with financial support. \n\nOver 10,000 people and counting have signed an open letter calling on Macquarie to not provide any further funding to the companies developing the Beetaloo sub-Basin. The Chair confirmed at the AGM that Macquarie will not make this commitment. As long as this remains Macquarie\u2019s position, it can expect continued and concerted community opposition from Australians deeply concerned about catastrophic climate change. \n\nAs a customer, I call on Macquarie Group to:\n\n1. Rule out any further financial support to companies involved in fracking the Beetaloo Basin.\n\n2. Implement robust policies that prevent further financing to any company pursuing new or expanded fossil fuel projects, in line with a credible 1.5\u00b0C-aligned climate pathway. \n\n3. Publicly commit to aligning all fossil fuel client relationships with a time-bound science-based credible transition plan, and cease providing any new or renewed finance to clients that fail to demonstrate compatibility.\n\nI request a formal response to this complaint and ask that you clearly outline what steps Macquarie will take to align its financing practices with its climate commitments.\n\n[1] https:\/\/www.afr.com\/chanticleer\/inside-shemara-wikramanayake-s-push-to-save-macquarie-from-pay-strike-20250723-p5mhao \n\n[2] https:\/\/www.tamboran.com\/assets\/ \nhttps:\/\/beetalooenergy.com\/ \n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_700_16\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">If Macquarie shareholder<\/h3><\/div><div id=\"field_700_10\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_10'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_10' id='input_700_10' type='text' value='Macquarie must heed shareholder warning on climate' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_700_12\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_12'>Your message to Macquarie<\/label><div class='gfield_description' id='gfield_description_700_12'>(Your name will be automatically added to the bottom of the email.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_12' id='input_700_12' class='textarea large'  aria-describedby=\"gfield_description_700_12\"    aria-invalid=\"false\"   rows='10' cols='50'>Dear Shemara Wikramanayake and Glenn Stevens,\n\nI am a Macquarie shareholder and I understand that at Macquarie\u2019s 2025 AGM over 35% of shareholders voted for a resolution calling on the Group to disclose a scientifically credible plan for managing its fossil fuel finance activity in line with its commitments to net zero emissions by 2050 and the goals of the Paris Agreement. \n\nThis is the biggest shareholder vote against a bank on climate grounds in Australia\u2019s history. The board and leadership team should be rapidly responding to this level of shareholder backlash, including taking immediate steps to rectify the completely inadequate fossil fuel finance frameworks that Macquarie currently has in place. \n\nIt was reported that once Macquarie\u2019s leadership learned it was facing its first ever strike against the company\u2019s Remuneration Report ahead of its 2025 AGM it was scrambling to understand and address shareholder concern [1]. \n\nThis same level of urgency must be applied to shareholders&#039; concerns about Macquarie\u2019s approach to climate change. \n\nMacquarie continues to financially support the expansion of the fossil fuel industry, with the most egregious example being its funding of what could become Australia\u2019s largest gas fracking development, the Beetaloo sub-Basin in the Northern Territory. If this project is developed to full scale, as Macquarie\u2019s clients Beetaloo Energy and Tamboran Resources intend, the estimated lifetime emissions would be enough to wipe out more than 450 years of emissions savings from the renewable energy projects Macquarie provided \u2018green finance\u2019 for in 2024. \n\nThese are not the actions of a Group committed to the goals of the Paris Agreement and limiting warming to 1.5\u00b0C. The IPCC has concluded that new and expanded fossil fuel developments will make the goals of the Paris Agreement unachievable, yet Macquarie continues to enable projects like Beetaloo. \n\nThe responses from Macquarie\u2019s board at its 2025 AGM to these grave concerns were largely dismissive. The chair refused to publicly acknowledge the IPCC\u2019s conclusions on fossil fuel expansion, and also stated that Macquarie is not assessing the climate transition plans of Beetaloo Energy and Tamboran Resources \u201cbecause they aren\u2019t producing\u201d yet. This is an unacceptable approach for a bank supposedly committed to global climate goals. The sole stated business intention of these two companies is to commercialise the enormous gas reserves in the Beetaloo sub-Basin and operate it for decades to come [2]. It defies belief that Macquarie would not be assessing these companies\u2019 future plans for alignment with Paris before providing them with financial support. \n\nOver 10,000 people and counting have signed an open letter calling on Macquarie to not provide any further funding to the companies developing the Beetaloo sub-Basin. The Chair confirmed at the AGM that Macquarie will not make this commitment. As long as this remains Macquarie\u2019s position, it can expect continued and concerted community opposition from Australians deeply concerned about catastrophic climate change. \n\nAs a shareholder, I call on Macquarie Group to:\n\n1. Rule out any further financial support to companies involved in fracking the Beetaloo Basin.\n\n2. Implement robust policies that prevent further financing to any company pursuing new or expanded fossil fuel projects, in line with a credible 1.5\u00b0C-aligned climate pathway. \n\n3. Publicly commit to aligning all fossil fuel client relationships with a time-bound science-based credible transition plan, and cease providing any new or renewed finance to clients that fail to demonstrate compatibility.\n\nI request a formal response to this complaint and ask that you clearly outline what steps Macquarie will take to align its financing practices with its climate commitments.\n\n[1] https:\/\/www.afr.com\/chanticleer\/inside-shemara-wikramanayake-s-push-to-save-macquarie-from-pay-strike-20250723-p5mhao \n\n[2] https:\/\/www.tamboran.com\/assets\/ \nhttps:\/\/beetalooenergy.com\/ \n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_700_17\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">If Macquarie both customer and shareholder<\/h3><\/div><div id=\"field_700_18\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_18'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_18' id='input_700_18' type='text' value='Macquarie must heed shareholder warning on climate' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_700_19\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_19'>Your message to Macquarie<\/label><div class='gfield_description' id='gfield_description_700_19'>(Your name will be automatically added to the bottom of the email.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_19' id='input_700_19' class='textarea large'  aria-describedby=\"gfield_description_700_19\"    aria-invalid=\"false\"   rows='10' cols='50'>Dear Shemara Wikramanayake and Glenn Stevens,\n\nI am a Macquarie customer and shareholder and I understand that at Macquarie\u2019s 2025 AGM over 35% of shareholders voted for a resolution calling on the Group to disclose a scientifically credible plan for managing its fossil fuel finance activity in line with its commitments to net zero emissions by 2050 and the goals of the Paris Agreement. \n\nThis is the biggest shareholder vote against a bank on climate grounds in Australia\u2019s history. The board and leadership team should be rapidly responding to this level of shareholder backlash, including taking immediate steps to rectify the completely inadequate fossil fuel finance frameworks that Macquarie currently has in place. \n\nIt was reported that once Macquarie\u2019s leadership learned it was facing its first ever strike against the company\u2019s Remuneration Report ahead of its 2025 AGM it was scrambling to understand and address shareholder concern [1]. \n\nThis same level of urgency must be applied to shareholders&#039; concerns about Macquarie\u2019s approach to climate change. \n\nMacquarie continues to financially support the expansion of the fossil fuel industry, with the most egregious example being its funding of what could become Australia\u2019s largest gas fracking development, the Beetaloo sub-Basin in the Northern Territory. If this project is developed to full scale, as Macquarie\u2019s clients Beetaloo Energy and Tamboran Resources intend, the estimated lifetime emissions would be enough to wipe out more than 450 years of emissions savings from the renewable energy projects Macquarie provided \u2018green finance\u2019 for in 2024. \n\nThese are not the actions of a Group committed to the goals of the Paris Agreement and limiting warming to 1.5\u00b0C. The IPCC has concluded that new and expanded fossil fuel developments will make the goals of the Paris Agreement unachievable, yet Macquarie continues to enable projects like Beetaloo. \n\nThe responses from Macquarie\u2019s board at its 2025 AGM to these grave concerns were largely dismissive. The chair refused to publicly acknowledge the IPCC\u2019s conclusions on fossil fuel expansion, and also stated that Macquarie is not assessing the climate transition plans of Beetaloo Energy and Tamboran Resources \u201cbecause they aren\u2019t producing\u201d yet. This is an unacceptable approach for a bank supposedly committed to global climate goals. The sole stated business intention of these two companies is to commercialise the enormous gas reserves in the Beetaloo sub-Basin and operate it for decades to come [2]. It defies belief that Macquarie would not be assessing these companies\u2019 future plans for alignment with Paris before providing them with financial support. \n\nOver 10,000 people and counting have signed an open letter calling on Macquarie to not provide any further funding to the companies developing the Beetaloo sub-Basin. The Chair confirmed at the AGM that Macquarie will not make this commitment. As long as this remains Macquarie\u2019s position, it can expect continued and concerted community opposition from Australians deeply concerned about catastrophic climate change. \n\nAs a customer and shareholder, I call on Macquarie Group to:\n\n1. Rule out any further financial support to companies involved in fracking the Beetaloo Basin.\n\n2. Implement robust policies that prevent further financing to any company pursuing new or expanded fossil fuel projects, in line with a credible 1.5\u00b0C-aligned climate pathway. \n\n3. Publicly commit to aligning all fossil fuel client relationships with a time-bound science-based credible transition plan, and cease providing any new or renewed finance to clients that fail to demonstrate compatibility.\n\nI request a formal response to this complaint and ask that you clearly outline what steps Macquarie will take to align its financing practices with its climate commitments.\n\n[1] https:\/\/www.afr.com\/chanticleer\/inside-shemara-wikramanayake-s-push-to-save-macquarie-from-pay-strike-20250723-p5mhao \n\n[2] https:\/\/www.tamboran.com\/assets\/ \nhttps:\/\/beetalooenergy.com\/ \n\nSincerely,<\/textarea><\/div><\/div><div id=\"field_700_20\" class=\"gfield gfield--type-section gfield--input-type-section gsection field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><h3 class=\"gsection_title\">If Macquarie neither customer and shareholder<\/h3><\/div><div id=\"field_700_21\" class=\"gfield gfield--type-text gfield--input-type-text gfield--width-full field_sublabel_below gfield--no-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_21'>Subject<\/label><div class='ginput_container ginput_container_text'><input name='input_21' id='input_700_21' type='text' value='Macquarie must heed shareholder warning on climate' class='large'      aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_700_22\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield--width-full field_sublabel_below gfield--has-description field_description_above field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_700_22'>Your message to Macquarie<\/label><div class='gfield_description' id='gfield_description_700_22'>(Your name will be automatically added to the bottom of the email.)<\/div><div class='ginput_container ginput_container_textarea'><textarea name='input_22' id='input_700_22' class='textarea large'  aria-describedby=\"gfield_description_700_22\"    aria-invalid=\"false\"   rows='10' cols='50'>Dear Shemara Wikramanayake and Glenn Stevens,\n\nI understand that at Macquarie\u2019s 2025 AGM over 35% of shareholders voted for a resolution calling on the Group to disclose a scientifically credible plan for managing its fossil fuel finance activity in line with its commitments to net zero emissions by 2050 and the goals of the Paris Agreement. \n\nThis is the biggest shareholder vote against a bank on climate grounds in Australia\u2019s history. The board and leadership team should be rapidly responding to this level of shareholder backlash, including taking immediate steps to rectify the completely inadequate fossil fuel finance frameworks that Macquarie currently has in place. \n\nIt was reported that once Macquarie\u2019s leadership learned it was facing its first ever strike against the company\u2019s Remuneration Report ahead of its 2025 AGM it was scrambling to understand and address shareholder concern [1]. \n\nThis same level of urgency must be applied to shareholders&#039; concerns about Macquarie\u2019s approach to climate change. \n\nMacquarie continues to financially support the expansion of the fossil fuel industry, with the most egregious example being its funding of what could become Australia\u2019s largest gas fracking development, the Beetaloo sub-Basin in the Northern Territory. If this project is developed to full scale, as Macquarie\u2019s clients Beetaloo Energy and Tamboran Resources intend, the estimated lifetime emissions would be enough to wipe out more than 450 years of emissions savings from the renewable energy projects Macquarie provided \u2018green finance\u2019 for in 2024. \n\nThese are not the actions of a Group committed to the goals of the Paris Agreement and limiting warming to 1.5\u00b0C. The IPCC has concluded that new and expanded fossil fuel developments will make the goals of the Paris Agreement unachievable, yet Macquarie continues to enable projects like Beetaloo. \n\nThe responses from Macquarie\u2019s board at its 2025 AGM to these grave concerns were largely dismissive. The chair refused to publicly acknowledge the IPCC\u2019s conclusions on fossil fuel expansion, and also stated that Macquarie is not assessing the climate transition plans of Beetaloo Energy and Tamboran Resources \u201cbecause they aren\u2019t producing\u201d yet. This is an unacceptable approach for a bank supposedly committed to global climate goals.The sole stated business intention of these two companies is to commercialise the enormous gas reserves in the Beetaloo sub-Basin and operate it for decades to come [2]. It defies belief that Macquarie would not be assessing these companies\u2019 future plans for alignment with Paris before providing them with financial support. \n\nOver 10,000 people and counting have signed an open letter calling on Macquarie to not provide any further funding to the companies developing the Beetaloo sub-Basin. The Chair confirmed at the AGM that Macquarie will not make this commitment. As long as this remains Macquarie\u2019s position, it can expect continued and concerted community opposition from Australians deeply concerned about catastrophic climate change. \n\nI call on Macquarie Group to:\n\n1. Rule out any further financial support to companies involved in fracking the Beetaloo Basin.\n\n2. Implement robust policies that prevent further financing to any company pursuing new or expanded fossil fuel projects, in line with a credible 1.5\u00b0C-aligned climate pathway. \n\n3. Publicly commit to aligning all fossil fuel client relationships with a time-bound science-based credible transition plan, and cease providing any new or renewed finance to clients that fail to demonstrate compatibility.\n\nI request a formal response to this complaint and ask that you clearly outline what steps Macquarie will take to align its financing practices with its climate commitments.\n\n[1] https:\/\/www.afr.com\/chanticleer\/inside-shemara-wikramanayake-s-push-to-save-macquarie-from-pay-strike-20250723-p5mhao \n\n[2] https:\/\/www.tamboran.com\/assets\/ \nhttps:\/\/beetalooenergy.com\/ \n\nSincerely,<\/textarea><\/div><\/div><fieldset id=\"field_700_7\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below hidden_label field_validation_below gfield_visibility_visible\"  ><legend class='gfield_label gform-field-label gfield_label_before_complex' >Yes, of course I want updates about Market Forces campaigns!<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_700_7'><div class='gchoice gchoice_700_7_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_7.1' type='checkbox'  value='Yes, of course I want updates about Market Forces campaigns!' checked='checked' id='choice_700_7_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_700_7_1' id='label_700_7_1' class='gform-field-label gform-field-label--type-inline'>Yes, of course I want updates about Market Forces campaigns!<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_700_8\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >TOOK ACTION: Banks &#8211; Macquarie post AGM &#8211; July 2025<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_700_8'><div class='gchoice gchoice_700_8_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_8.1' type='checkbox'  value='TOOK ACTION: Banks - Macquarie post AGM - July 2025' checked='checked' id='choice_700_8_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_700_8_1' id='label_700_8_1' class='gform-field-label gform-field-label--type-inline'>TOOK ACTION: Banks &#8211; Macquarie post AGM &#8211; July 2025<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_700_11\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA &#8211; MAIN LIST: Are you a Macquarie customer or shareholder -&gt; Macquarie customer<\/legend><div class='ginput_container ginput_container_checkbox'><div class='gfield_checkbox ' id='input_700_11'><div class='gchoice gchoice_700_11_1'>\n\t\t\t\t\t\t\t\t<input class='gfield-choice-input' name='input_11.1' type='checkbox'  value='Macquarie customer' checked='checked' id='choice_700_11_1'   \/>\n\t\t\t\t\t\t\t\t<label for='choice_700_11_1' id='label_700_11_1' class='gform-field-label gform-field-label--type-inline'>Macquarie customer<\/label>\n\t\t\t\t\t\t\t<\/div><\/div><\/div><\/fieldset><fieldset id=\"field_700_23\" class=\"gfield gfield--type-checkbox gfield--type-choice gfield--input-type-checkbox gfield--width-full field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_hidden\"  ><div class=\"admin-hidden-markup\"><i class=\"gform-icon gform-icon--hidden\" aria-hidden=\"true\" title=\"This field is hidden when viewing the form\"><\/i><span>This field is hidden when viewing the form<\/span><\/div><legend class='gfield_label gform-field-label gfield_label_before_complex' >PASS DATA &#8211; 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       } else {            triggerPostRender();        }    } );} ); \n\/* ]]> *\/\n<\/script>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Shareholder resolution &#8211; Macquarie receives first strike on climate<\/strong><\/h2>\n\n\n\n<p>It wasn\u2019t a great day for Macquarie. Its first major blow was a first-ever \u2018<a href=\"https:\/\/www.afr.com\/chanticleer\/macquarie-s-pay-strike-is-a-bitter-blow-for-stevens-wikramanayake-20250724-p5mhii\" target=\"_blank\" rel=\"noreferrer noopener\">strike<\/a>\u2019 against its Remuneration Report (pay for executives and directors), with 25.4% of shareholder votes going against it due largely to a string of recent <a href=\"https:\/\/www.asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2025-releases\/25-074mr-asic-sues-macquarie-securities-for-repeated-and-systemic-misleading-conduct\/\" target=\"_blank\" rel=\"noreferrer noopener\">regulatory<\/a> failings.&nbsp;<\/p>\n\n\n\n<p>Its performance on climate was then dealt an even bigger blow, with over 35% of shareholders effectively telling Macquarie it\u2019s nowhere near delivering on its supposed commitments to net zero and the Paris Agreement.&nbsp;<\/p>\n\n\n\n<p>It\u2019s not exactly surprising. This is a bank that lags its big four Australian competitors on every meaningful <a href=\"https:\/\/investorbriefings.marketforces.org.au\/link\/551560\/12\/\" target=\"_blank\" rel=\"noreferrer noopener\">fossil fuel policy metric<\/a>. Macquarie\u2019s climate failures include:\u00a0\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Still funding new oil and gas extraction projects (while ANZ, CommBank, NAB and Westpac have all ruled this out).<\/li>\n\n\n\n<li>No requirement for fossil fuel clients to have a climate transition plan.&nbsp;<\/li>\n\n\n\n<li>Massively increasing oil and gas funding &#8211; <a href=\"http:\/\/investorbriefings.marketforces.org.au\/link\/984141\/9\/\">140%<\/a> in just the last two years.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.macquarie.com\/assets\/macq\/about\/company\/sustainability\/macquarie-group-fy25-sustainability-report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Walking back<\/a> its previous ban on funding new metallurgical coal mines.<\/li>\n\n\n\n<li>Being the only Australian bank to have <a href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/australias-macquarie-joins-major-us-banks-exiting-global-climate-coalition-2025-02-11\/\" target=\"_blank\" rel=\"noreferrer noopener\">left<\/a> the Net-Zero Banking Alliance, joining some of the world\u2019s biggest fossil fuel banks in doing so.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>It was reported that Macquarie was <a href=\"https:\/\/www.afr.com\/chanticleer\/inside-shemara-wikramanayake-s-push-to-save-macquarie-from-pay-strike-20250723-p5mhao\" target=\"_blank\" rel=\"noreferrer noopener\">scrambling<\/a> to address shareholders\u2019 concerns about its executive and director pay packages before the AGM, once it became apparent it was looking down the barrel of an embarrassing first strike.&nbsp;<\/p>\n\n\n\n<p>But the climate vote was substantially bigger than the remuneration strike. In fact, it was <strong>the <\/strong><a href=\"https:\/\/www.afr.com\/companies\/financial-services\/embattled-macquarie-feels-climate-heat-from-shareholders-20250725-p5mhpi\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>biggest vote<\/strong><\/a><strong> against a bank on climate grounds in Australia\u2019s history<\/strong>. If Macquarie\u2019s board is serious about delivering on its net zero commitments then it should treat this rebuke of its management of climate risk with the same sense of urgency it gave to its remuneration strike. The heat is on &#8211; Macquarie has been warned.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Community out in force<\/strong><\/h2>\n\n\n\n<p>Outside Macquarie\u2019s Sydney CBD head office, the community turned out in force to protest Macquarie\u2019s backing of the Beetaloo Basin.&nbsp;<\/p>\n\n\n\n<p>Market Forces also booked a full-page ad in the Australian Financial Review calling on Macquarie not to provide any further funding to companies seeking to frack the outback.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80688\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03551-1024x683.jpg\" alt=\"\" class=\"wp-image-80688\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03551-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03551-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80687\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03512-1024x683.jpg\" alt=\"\" class=\"wp-image-80687\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03512-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03512-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80686\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03487-1024x683.jpg\" alt=\"\" class=\"wp-image-80686\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03487-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03487-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80690\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03595-1024x683.jpg\" alt=\"\" class=\"wp-image-80690\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03595-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03595-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80689\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03563-1024x683.jpg\" alt=\"\" class=\"wp-image-80689\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03563-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03563-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80684\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03260-1024x683.jpg\" alt=\"\" class=\"wp-image-80684\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03260-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03260-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80683\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03724-1024x683.jpg\" alt=\"\" class=\"wp-image-80683\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03724-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03724-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80691\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03693-1024x683.jpg\" alt=\"\" class=\"wp-image-80691\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03693-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03693-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" data-id=\"80685\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03437-1024x683.jpg\" alt=\"\" class=\"wp-image-80685\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03437-980x653.jpg 980w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/DSC03437-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Heat on Macquarie\u2019s backing of Beetaloo fracking<\/strong><\/h2>\n\n\n\n<p>Macquarie is a major financial backer of what could be Australia\u2019s biggest new gas fracking development, the Northern Territory\u2019s <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/projects\/beetaloo\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beetaloo Basin<\/a>. The gas companies currently exploring and developing the Basin are Macquarie\u2019s clients &#8211; Beetaloo Energy (formerly Empire Energy) and Tamboran Resources.&nbsp;<\/p>\n\n\n\n<p>Both Beetaloo Energy and Tamboran Resources\u2019 sole near-term focus is developing one of Australia\u2019s biggest carbon bombs. If developed to the scale these gas companies intend, Beetaloo would operate until almost 2070 and produce an estimated 1.1 billion tonnes of CO<sub>2<\/sub>-equivalent emissions, equal to Australia\u2019s largest coal plant, <a href=\"https:\/\/www.originenergy.com.au\/wp-content\/uploads\/223\/Origin_2024_Sustainability_Report.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Eraring<\/a>, operating for more than 83 years. It\u2019s also enough to wipe out more than 450 years of emissions savings from the <a href=\"https:\/\/www.macquarie.com\/assets\/macq\/investor\/debt-investors\/green-finance-impact-report-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">renewables projects<\/a> Macquarie provided green finance for last year.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Macquarie is a <a href=\"https:\/\/empireenergygroup.net\/wp-content\/uploads\/Empire-Energy-Group-Limited-Annual-Report-31122024-Final-to-lodge.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">shareholder<\/a> of Beetaloo Energy and has been financing the company for the past 15 years. In November 2024, Macquarie pulled together a <a href=\"https:\/\/empireenergygroup.net\/wp-content\/uploads\/COMMITMENT-LETTERS-ANNOUNCEMENT.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">$65 million financing package<\/a> explicitly for its gas fracking operations in the Beetaloo Basin. Its CEO recently <a href=\"https:\/\/investorbriefings.marketforces.org.au\/link\/551560\/18\/\">said<\/a> that Macquarie is the<em> \u201cpredominant financier of oil and gas projects in the Northern Territory\u201d<\/em> and <em>\u201cMacquarie has been with us through thick and thin, and they continue to do so\u2026<\/em><strong><em>their support has been critical.<\/em><\/strong><em>\u201d&nbsp;<\/em><\/li>\n\n\n\n<li>Macquarie also provided a <a href=\"https:\/\/ir.tamboran.com\/sec-filings\/all-sec-filings\/content\/0001628280-24-052613\/trc-20241231.htm\">$35 million loan<\/a> to Tamboran Resources to \u201csupport [Tamboran\u2019s] ongoing development activities\u201d, all of which are <a href=\"https:\/\/www.tamboran.com\/assets\/\">focused<\/a> on exploiting Beetaloo gas.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Does that sound like the behaviour of a financial institution committed to the goals of the Paris Agreement and net zero by 2050?<\/p>\n\n\n\n<p>Ahead of the AGM, over <a href=\"https:\/\/www.instagram.com\/reel\/DMhRs5fOIx-\/\" target=\"_blank\" rel=\"noreferrer noopener\">10,000 people<\/a>, including scientists, community members and customers of Macquarie signed an <a href=\"https:\/\/www.marketforces.org.au\/campaigns\/projects\/beetaloo\/\" target=\"_blank\" rel=\"noreferrer noopener\">open letter<\/a> calling on the bank not to provide any further funding to the companies seeking to frack the outback.&nbsp;<\/p>\n\n\n\n<p>The open letter was presented to the board in the AGM by Market Forces Policy Analyst and Campaigner, Morgan Pickett. Mr. Pickett asked the board if Macquarie would commit to no longer funding companies developing the highly controversial Beetaloo Basin.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Macquarie confirms it won&#039;t end its support for carbon bomb Beetaloo Basin - Macquarie AGM 2025\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/_7fg9XnLW_o?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/www.marketforces.org.au\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>What followed was an astounding exchange. Macquarie chair Glenn Stevens&#8217; response was a simple \u2018no\u2019, remarkable from the chair of a Group with public commitments to net zero and Paris. In an even more astonishing admission, the chair remarked that <strong>Macquarie hadn\u2019t been assessing the companies\u2019 transition plans because they aren\u2019t yet producing gas from the Beetaloo Basin, despite this being their sole business intention.&nbsp;<\/strong><\/p>\n\n\n\n<p>Mr. Pickett observed that it makes no sense at all to not assess the intended future gas production of these companies for Paris-alignment <strong>when that is exactly what Macquarie is financing now.<\/strong> The chair\u2019s only answer to that was that it does make sense to Macquarie and that committing to no longer funding companies developing the Beetaloo Basin would be \u201ccontrary to the interests of shareholders in the company (Macquarie).\u201d&nbsp;<\/p>\n\n\n\n<p>Macquarie is one of the world\u2019s largest infrastructure asset managers and therefore is <a href=\"https:\/\/investorbriefings.marketforces.org.au\/link\/551560\/21\/\" target=\"_blank\" rel=\"noreferrer noopener\">acutely exposed<\/a> to the physical risks from climate change at high levels of warming. By financing fossil fuel expansion, which is incompatible with limiting warming in line with the Paris Agreement\u2019s goals, Macquarie is shooting itself in the foot. It\u2019s unclear how that is in the best interests of shareholders.&nbsp;<\/p>\n\n\n\n<p>This exchange typifies the indifference to the severely harmful emissions impact of the Beetaloo Basin development that exists at Macquarie.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Supposedly committed to Paris but can\u2019t accept the climate science<\/strong><\/h2>\n\n\n\n<p>Step one in making a commitment to the goals of the Paris Agreement is accepting the latest and best available climate science. Step two is actually delivering on those commitments by following the scientific advice.&nbsp;<\/p>\n\n\n\n<p>Macquarie\u2019s board said in its <a href=\"https:\/\/www.macquarie.com\/assets\/macq\/investor\/results-and-presentations\/2025\/macquarie-group-fy25-agm-notice-of-meeting.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Notice of Meeting<\/a> \u201cthe science on our changing climate is clear and unequivocal\u201d, also stating in <a href=\"https:\/\/www.macquarie.com\/assets\/macq\/mam\/sustainability\/our-approach-to-net-zero.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">sustainability materials<\/a> that it acknowledges the conclusions of the Intergovernmental Panel on Climate Change (IPCC) that its commitment to net zero emissions by 2050 needs to also be consistent with a 1.5\u00b0C warming limit.&nbsp;<\/p>\n\n\n\n<p>The IPCC <a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/syr\/downloads\/report\/IPCC_AR6_SYR_LongerReport.pdf\">concluded<\/a> years ago that the lifetime emissions from existing fossil fuel infrastructure would significantly exceed the carbon budget remaining for 1.5\u00b0C. When you add the emissions from \u2018planned\u2019 fossil fuel infrastructure the remaining budget for 2\u00b0C is almost blown, along with the goals of the Paris Agreement.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"861\" height=\"624\" src=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/IPCC-AR6-Climate-Change-2023-synthesis-report-remaining-carbon-budgets-could-soon-be-exhausted-chart.png\" alt=\"Remaining carbon budgets to limit warming to 1.5\u00b0C could\nsoon be exhausted, and those for 2\u00b0C largely depleted chart - IPCC AR6 Climate Change 2023 Synthesis Report\" class=\"wp-image-80680\" srcset=\"https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/IPCC-AR6-Climate-Change-2023-synthesis-report-remaining-carbon-budgets-could-soon-be-exhausted-chart.png 861w, https:\/\/www.marketforces.org.au\/wp-content\/uploads\/2025\/07\/IPCC-AR6-Climate-Change-2023-synthesis-report-remaining-carbon-budgets-could-soon-be-exhausted-chart-480x348.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 861px, 100vw\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/syr\/downloads\/report\/IPCC_AR6_SYR_LongerReport.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Chart from the IPCC AR6 Climate Change 2023 Synthesis Report<\/a><\/figcaption><\/figure>\n\n\n\n<p>These conclusions were put to the board by Market Forces\u2019 Head of Research Kyle Robertson on behalf of renowned climate change scientist and a lead author of past IPCC reports, Professor Lesley Hughes.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Macquarie&#039;s Chair can&#039;t accept the climate science on new fossil fuel projects - Macquarie AGM 2025\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/MgwJSLp0LJY?feature=oembed&#038;enablejsapi=1&#038;origin=https:\/\/www.marketforces.org.au\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>Macquarie chair Glenn Stevens did not give a straight answer, deflecting at every opportunity. What you can draw from this exchange is that Macquarie is unlikely to publicly acknowledge the conclusions of the world\u2019s leading climate science body, because doing so would require admitting that its financing of giant new gas projects like Beetaloo is not even close to being aligned with its climate commitments.&nbsp;<\/p>\n\n\n\n<p>The significant shareholder censure of Macquarie\u2019s current approach to financing fossil fuel expansion should give the board cause for reflection. It will no doubt be seeking to avoid embarrassing votes against its climate performance in future years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2025 AGM result: 35.2% in favour of climate resolution Take action! Tell Macquarie\u2019s CEO and Chair to listen to shareholders and stop funding dangerous fossil fuel expansion! Shareholder resolution &#8211; Macquarie receives first strike on climate It wasn\u2019t a great day for Macquarie. Its first major blow was a first-ever \u2018strike\u2019 against its Remuneration Report [&hellip;]<\/p>\n","protected":false},"author":64,"featured_media":80688,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[5,17,24,16,222],"tags":[26,35,921,1676,1677,1347,342,179,288,1685,1655,289,1607],"class_list":["post-80676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banks","category-blog","category-feature","category-news","category-shareholder-action","tag-agm","tag-annual-general-meeting","tag-beetaloo-basin","tag-beetaloo-energy","tag-beetaloo-energy-australia","tag-empire-energy","tag-fracking","tag-gas","tag-macquarie","tag-macquarie-agm-2025","tag-macquarie-bank","tag-macquarie-group","tag-tamboran-resources"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Macquarie receives shareholder revolt on climate at 2025 AGM - Market Forces<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketforces.org.au\/macquarie-receives-shareholder-revolt-on-climate-at-2025-agm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macquarie receives shareholder revolt on climate at 2025 AGM - Market Forces\" \/>\n<meta property=\"og:description\" content=\"2025 AGM result: 35.2% in favour of climate resolution Take action! Tell Macquarie\u2019s CEO and Chair to listen to shareholders and stop funding dangerous fossil fuel expansion! Shareholder resolution &#8211; Macquarie receives first strike on climate It wasn\u2019t a great day for Macquarie. 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