Glencore Plc’s shareholder, Bluebell Capital Partners is working to help form a coalition of stakeholders, requesting the Board of Directors of mining company Glencore Plc, to implement radical changes on its climate strategy. Undoubtedly, coal is at the heart of our concerns, in consideration of 237 million tonnes of CO2 emissions (2021) associated with coal, representing 84% of Glencore Plc total emissions. Due to its coal business, Glencore is not an investable company for those investors who place sustainability at the heart of their investment process, and as a result, from a valuation perspective, coal activities are depressing the company’s valuation.

Following the significant dissent (23.7%) at the 2022 AGM – which, in accordance with the UK Corporate Governance Code, Glencore Plc is required to address within six months - we are asking Glencore’s Board of Director to appoint an independent Chair to the Health and Safety, Environmental and Communities (HSEC), to add more granular disclosure to CO2 emissions targets (including rolling three year targets and pivotal 2030, 2035, 2040 and 2045 targets) and to reinstate a corresponding cap on coal production consistent with the CO2 emissions targets.

We are also asking Glencore Plc to submit to the 2023 AGM, a plan for the responsible separation of coal, i.e. a separation of coal activities such that: (a) coal will continue to be run under the revised ‘Pathway to Net Zero’ with commitment to a full run down by 2050; (b) Glencore will retain sufficient governance, stewardship and oversight to avoid that the management of that coal business under a different ownership may want to continue to expand and to produce coal long beyond the time frames and horizons as per the ‘Pathway to Net Zero’.

Please sign the form using this link to join this coalition by endorsing the enclosed letter from Bluebell Capital Partners to Glencore Plc. Please provide your name, organization, email, and $AUM (Assets Under Management), if applicable. Bluebell Capital Partners will deliver this letter to Glencore Plc’s Board and keep you appraised of any updates. We kindly request that you forward this invitation to your colleagues and network.  For any request for information, or communication, please write to info@bluebellcp.com.