Advisory firm ISS urges Glencore shareholders to vote down climate progress report

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The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo/File Photo

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April 15 (Reuters) - Top proxy adviser Institutional Shareholder Services (ISS) joined a couple of other advisory firms on Friday in recommending Glencore Plc's (GLEN.L) shareholders to vote against the Anglo-Swiss miner's climate progress report.

The recommendation follows similar reports by Glass Lewis & Co and Australasian Centre for Corporate Responsibility (ACCR), highlighting the growing investor scrutiny on companies to adhere to their accounting of climate risks.

One of the key concerns surrounds Glencore's activities around thermal coal, which accounts for the majority of its Scope 3 emissions, ISS said, adding that the company's revision of its carbon emission targets is "against a 2019 baseline".

Glencore is seeking shareholder approval for its climate progress report at its investor meeting on April 28.

The company's first climate action plan, published in December 2020, had received 94% votes in Glencore's favour from shareholders at its 2021 annual general meeting.

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Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi Aich

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