Three weeks ago, 14 climate justice NGOs wrote to more than 30 asset managers with shares in Standard Bank. We pointed out that seven of the bank’s 18 board members have close ties to the fossil fuel industry, notably to Sasol. Two independent nonexecutive directors (including the lead) sit on the board of Sasol; a third was recently appointed executive vice-president of its energy business. Nonexecutive directors also have ties to Exxaro, Ichor Coal, BP Southern Africa and the Phembani Group.

We called on shareholders to vote against the five of these seven directors who are up for election at the bank’s June 26 AGM. We did so on the basis that they are conflicted in crucial matters related to climate change...

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