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Standard Bank shareholders reject proposal on climate risk

Shareholders of Standard Bank Group Ltd. rejected a resolution that would have obliged the group to disclose risks of greenhouse gas emissions in its businesses.

The South African lender had advised investors not to back the proposal, Reuters noted, with nearly 62% of its shareholders voting against it at the bank's May 30 annual general meeting.

Several large institutional investors voted in favor of the proposal, including Old Mutual Investment Management, the news agency cited Tracey Davies, executive director of shareholder group Just Share, as saying.

The proposal would have required Standard Bank to report on how its lending, financing and investment activities exposed it and its shareholders to climate risks, Reuters noted.

The shareholders, however, voted in favor of having the group report its policies on lending to coal-fired power projects and coal mining operations.