ASIC complaint amended Media Release

Dec 22, 2010 - 1:00pm

The Climate Institute has written to regulator ASIC withdrawing its complaint against Aquila Resources after the company’s decision to report to the Carbon Disclosure Project next year, following engagement from the Climate Advocacy Fund, The Climate Institute and Australian Ethical Investment said today.

“Aquila has indicated that they will be reporting emissions and reduction strategies to the Carbon Disclosure Project in line with the shareholder resolution and therefore have withdrawn our complaint to ASIC,” said Julian Poulter, The Climate Institute’s Business Director.

“We congratulate Aquila who appear to have an emerging understanding of the importance of reporting and managing carbon liabilities – this will inevitable enhance the long term prospects for their company and shareholders.”

A second Australian-listed company, Paladin Energy, has agreed to report its emissions in accordance with the Global Reporting Initiative (GRI)* within 2 years. 

However, The Climate Advocacy Fund is still in discussion with Paladin Energy regarding this reporting committment.

“Our complaint to ASIC regarding Paladin still stands as we it is still not completely clear what information they intend to report and thus we are still seeking regulatory guidance from ASIC on what constitutes shareholder business,” said Mr Poulter.

“We commend Paladin for its agreed steps toward disclosure of climate change risk through the GRI but we strongly believe that CDP is the most appropriate reporting mechanism and is backed by the majority of the world’s institutional investors.”

Australian Ethical Investments CEO Phil Vernon said “The Climate Advocacy fund is clearly working well and we are pleased to be both helping companies and their shareholders to manage climate risk”

“We can now turn our attention to some of the other companies whose disclosure is perhaps not what it should be and start to engage with those companies as we move into the next reporting season”

The moves come after the Climate Advocacy Fund proposed Australia’s first climate change resolutions for shareholders to consider at the AGMs.

The first set of resolutions to four companies requested disclosure of carbon emissions, strategies to reduce emissions and also capital investment assumptions around future carbon prices and their impact on long-term investment decisions.

A resolution lodged with Oil Search has been accepted for its AGM in May 2011. A resolution has also been lodged with Woodside Petroleum. They are taking legal advice and have committed to responding before their April 2011 AGM.

The board of Aquila Resources has agreed to report its emissions and reduction strategies to the Carbon Disclosure Project next year, following engagement from the Climate Advocacy Fund.

For further information:
Julian Poulter | Business Director, The Climate Institute |  0402 488 877

*Global Reporting Initiative (GRI) is a network-based organisation that has developed a global sustainability reporting framework.

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