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Glencore Investors Urged by Glass Lewis to Reject Climate Plan

  • Trader’s strategy lacks board oversight, investor adviser says
  • Glencore aims to be a responsible custodian of coal assets
A oil refinery belonging to Astron Energy, a unit of Glencore, in South Africa

A oil refinery belonging to Astron Energy, a unit of Glencore, in South Africa

Photographer: Dwayne Senior/Bloomberg

Glencore Plc shareholders have been urged to vote down the commodity trader’s climate progress report at an investor meeting later this month by an influential proxy advisory firm.

Glass Lewis & Co. said that the lack of board oversight for the company’s climate program and insufficient clarity on how Glencore may interpret support for its strategy-setting process meant investors should vote against the motion, the shareholder adviser said in a report seen by Bloomberg News.