On 14 September 2021, Just Share and Aeon Investment Management co-filed a non-binding, advisory shareholder resolution at Sasol Limited, for tabling at its 19 November AGM.
The resolution asks Sasol to improve and expand its disclosure of its direct and indirect climate lobbying, including disclosing the annual membership fees paid to industry associations which are involved in climate lobbying activities.
Climate lobbying shareholder resolutions have been filed annually at fossil fuel companies in other jurisdictions for a number of years, but this is the first time such a resolution has been filed in South Africa. Unlike many other jurisdictions, South Africa has no legal requirements for disclosure of lobbying activities.
It is crucial that South Africa urgently achieve policy alignment to support a just transition to a low-carbon, climate-resilient economy, and shareholders and other stakeholders should be made aware of any activities that interfere with climate-aligned national policy-making.