Fund Managers Push Standard Bank on Climate-Change Targets

Standard Bank Group Ltd., Africa’s biggest bank by assets, has been asked by a group of fund managers to include a resolution on climate-change targets at its May 27 annual general meeting.

Abax Investments, Aeon Investment Management and Visio Fund Management Ltd. are seeking a non-binding resolution that would push the lender to set short, medium and long-term goals to reduce its exposure to fossil fuels, Just Share, a shareholder-activist group that’s working with the fund managers, said in a statement on Wednesday.

Standard Bank is aware of the shareholders’ submission and will respond after giving their request due consideration, it said by email.

South African banks are under increasing pressure to reduce their exposure to fossil fuels in a country that’s almost entirely dependent on coal for electricity generation.

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