A climate proposal from SHARE, the Shareholder Association for Research and Education, on behalf of its clients the Mississaugas of the New Credit First Nation Community Trust, has received strong support from independent shareholders at Lundin Mining Co. (TSX:LUN-T)
The proposal called on Lundin to disclose a strategy to address greenhouse gas emissions in its value chain, also known as Scope 3 emissions. All other mining companies engaged by SHARE in Lundin’s peer group have either made commitments to address these emissions, and/or have seen similar shareholder proposals withdrawn.
Lundin reported a vote of 16.24 per cent in favour of the proposal at the company’s annual general meeting (AGM) on Thursday. Roughly one in five independent shareholders (or 20.34%) supported the proposal when accounting for shares controlled by the company’s founding Lundin family.
Amanda Carr, Associate Director of Climate Advocacy at SHARE, called the result “precedent-setting”, and a strong signal from investors.
“This is the first independent proposal Lundin has had on its ballot in a decade, and it received the highest result for any shareholder proposal on climate at a Canadian mining company in that same time frame,” Carr said.
Value chain emissions typically represent approximately three-quarters of a mining company’s total greenhouse gas emissions, but can reach as much as 95 per cent depending on a company’s commodity mix. That makes them a growing focus for investors seeking systematic approaches to risk and looking to invest in companies positioned for the future.
This proxy season, investors represented by SHARE have engaged six Canadian mining companies, including Lundin, on addressing material value chain emissions, translating into concrete commitments to take action across the sector.
SHARE looks forward to supporting Lundin in keeping pace with its peers and following up on next steps.
For more information or to arrange an interview, contact Adam Burns, Communications Manager at SHARE (aburns@share.ca) or Amanda Panacci, Account Director at Media Profile (amanda.panacci@mediaprofile.com).
