Old Mutual Asks Peers to Reject Sasol Climate Resolutions
- Investor says petrochemicals company has regressed on targets
- Old Mutual says the call to other investors is a first
A chimney releases vapor at Sasol Ltd.'s plant in Secunda, Mpumalanga, South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Old Mutual Investment Managers plans to vote against a number of resolutions at the Nov. 17 annual general meeting of petrochemicals and fuel company, Sasol Ltd., because of its poor performance on climate targets.
And in a first for South Africa, the unit of 178-year-old Old Mutual Ltd., which has about $23 billion under management including 4% of Sasol, urged fellow investors to do the same in a letter, saying that the company’s “commitment to achieving stated targets with respect to climate is regressing.” Old Mutual’s assertions were rejected by Sasol.