Absa will become SA’s first bank to voluntarily develop a comprehensive policy on climate change. This follows the historic tabling of a climate-change risk resolution at Standard Bank’s AGM last week and is another sign the issue is likely going to dominate agendas in company boardrooms in the future.
“We are very concerned about the reality of climate change, its dire effects for the world as a whole and our continent in particular. We recognise the urgent need for steps to be taken in order to prioritise sustainability to ensure a future for our people and planet,” Absa chair Wendy Lucas-Bull said in her prepared speech at the group’s AGM in Johannesburg on Tuesday.
Lucas-Bull said the issue is also becoming a feature of discussions with large institutional shareholders, particularly European investors, who are putting it on the agenda with executive teams and boards they invest in. She announced the group’s intention to begin investing substantial resources in understanding climate change, including a comprehensive research project and ongoing discussions with climate experts.
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