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Mining Giant Glencore Is Losing Support for Its Climate Plan

  • Advisory firms urged shareholders to vote against plan at AGM
  • Glencore aims to be a responsible custodian of coal assets
A stacker-reclaimer operates next to stockpiles of coal in Newcastle, New South Wales, Australia.

A stacker-reclaimer operates next to stockpiles of coal in Newcastle, New South Wales, Australia.

Photographer: Brendon Thorne/Bloomberg

Shareholder support for Glencore Plc’s climate change strategy has weakened and the world’s top coal shipper will now have to consult with investors as it looks to defend one of its most profitable businesses.

The company secured about 76% support for its climate progress report at its annual general meeting on Thursday, significantly less than the 94% backing it received last year. Influential advisory firms, including Glass Lewis & Co. and Institutional Shareholder Services had urged shareholders to vote against the resolution, citing concerns about board oversight and its coal-mine strategy.