ANGLO AMERICAN PLC | To approve the 2026–2028 Transition Plan.

Status
AGM passed
AGM date
Previous AGM date
Proposal number
17
Resolution details
Company ticker
AAL
Submitted by
Momentum Metropolitan Life Ltd
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Other management proposal or proxy item
Filer type
Management
Company sector
Materials
Company HQ country
United Kingdom
Supporting materials
  • climate-transition-plan-2026-2028 (1).pdf Download
Resolved clause
Resolution 17 is an advisory vote to approve the 2026–2028 Transition Plan (the ‘Transition Plan’). The Transition Plan builds on the Company’s updated Sustainability Strategy for its simplified portfolio, announced on 20 February 2026, and outlines how our portfolio choices and approach to responsible mining positions us to realise opportunities, create value and manage risk, as the global economy decarbonises and the climate continues to change. The Transition Plan is informed by the guidelines developed by the UK’s Transition Plan Taskforce. It focuses on the Company’s anticipated simplified portfolio, comprising copper, premium iron ore and crop nutrients. It sets out how the Company’s portfolio choices are aligned with the transition to, and sustaining life in, a lower carbon world. The Transition Plan recognises the agreed merger with Teck Resources (‘Teck’) to create a global critical minerals champion. Once the merger is complete, we will look to update the Transition Plan, including the ambition and targets it contains, to cover the combined company. But we will not stand still in the interim period. The Transition Plan sets out the Company’s greenhouse gas (GHG) emission reduction ambition and targets. These are achieving a 30% reduction in Scope 1 and 2 emissions by 2030, against a 2020 baseline, as an interim target on the way to deliver the ambition of carbon neutrality by 2040. For Scope 3, the Transition Plan sets out the Company’s plans to reduce the emissions intensity of the steel produced with the Company’s iron ore. Specifically, our target is to achieve an average emissions intensity of steel made with our iron ore of no more than 1.3 t CO2e per tonne of crude steel (tCO2e/tCS) by 2040. More information can be found on; https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group-v9/PLC/sustainability/health-environment/climate-change/climate-transition-plan-2026-2028.pdf
Supporting statement
While we acknowledge progress made, there are still areas of concerns. The Scope 3 ambition is approximately 98% of total emissions, and only 2% are covered by targets. The target downgraded from absolute reduction to intensity-based metric. The Biggest concern here is that Intensity target is not equal to guaranteed emissions reduction and this is not Paris-aligned. Additionally, the 2030 target rest to 2020 baseline has made the targets easier not stronger. We encourage the company to strengthen its targets particularly absolute Scope 3 reductions and enhance the credibility and completeness of its transition framework.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Momentum Metropolitan Life LtdAgainstWhile we acknowledge progress made, there are still areas of concerns. The Scope 3 ambition is approximately 98% of total emissions, and only 2% are covered by targets. The target downgraded from absolute reduction to intensity-based metric. The Biggest concern here is that Intensity target is not equal to guaranteed emissions reduction and this is not Paris-aligned. Additionally, the 2030 target rest to 2020 baseline has made the targets easier not stronger. We encourage the company to strengthen its targets particularly absolute Scope 3 reductions and enhance the credibility and completeness of its transition framework.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.