New Hope Group is failing to act in the interests of its investors by refusing to endorse a resolution at its AGM today that calls on the company to factor in Paris Climate Agreement targets and end coal production, according to the Oakey Coal Action Alliance.
The resolution, put forward by Market Forces as agent for 113 Shareholders of New Hope, states: “Shareholders request the company disclose, in subsequent annual reporting, a plan that demonstrates how the company will wind up its coal production assets and operations in a manner consistent with the climate goals of the Paris Agreement.”
The board recommended remaining shareholders vote against the resolution, and the chairman of the meeting voted undirected proxies against the resolution.
Oakey Coal Action Alliance secretary Paul King said New Hope was failing not just investors and Darling Downs farmers by continuing to pursue a dying industry with its expansion at Acland, but also its workers.
“The decline in Oakey’s economy is parallel to the mine’s activity since it first began all those years ago,” he said.
“New Hope drove dozens of farming families from the land, and put an end to the Oakey cattle sales and all the jobs it generated.
“This exodus will happen again if the Stage 3 expansion proceeds - New Hope’s own economic expert said in court that his modelling showed the Stage 3 expansion would have an overall negative impact on job availability in the Oakey region.
“Australia’s major overseas coal markets are now pursuing net zero carbon emissions targets which will leave no room for coal in their economies.
“If it really cared about its workers and Darling Downs locals, New Hope would have accepted this resolution and would change its business model so the company has a chance of making money and providing jobs in a post-carbon world.”