At the virtual AGM, the majority of shareholders approved their reappointment
Five Standard Bank directors have been reappointed to the board of Africa’s largest lender, despite activist concerns that they are conflicted on matters of climate change
Just Share formed part of a group that successfully proposed two climate-related resolutions be tabled at the bank’s AGM last year, one of which was passed, compelling Standard Bank to adopt and publish a policy on lending to coal projects. Group secretary Zola Stephen said directors did recuse themselves when they had a conflict of interest in a matter that arose. “But just because a director has an interest does not necessarily translate to a conflict,” she said. For example, a Standard Bank director who is also a director at Sasol would not have to recuse themselves on a climate-related matter.
Tshabalala said that risk materialised in 2020 when resolutions were again proposed despite the bank’s progress in contributing to the transition away from fossil fuels and willingness to engage.
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