“Recent events both here in Australia and also sadly in Europe have shown the importance of a planned and carefully managed transition of the energy sector,” he said.
“The reality is the people who suffer most from energy shortages and high prices are those on low incomes or with jobs in areas most exposed to energy costs.”
The AGM was attended by several teenagers, who asked the board and chair about the bank’s climate policies. One asked how ANZ expected to attract the next generation of staff if it continued to contribute to fossil fuel expansion.
ANZ chair Paul O’Sullivan: “We do not accept it is in our shareholders’ or the community’s best interests that we abandon support and services for leading companies genuinely committed to effective climate transition plans.”Credit:Oscar Colman
“I think the issues you’re raising are very, very important,” he responded. “We’re trying to get to the same place and we’re trying to do it in a very considered, structured and deliberate way.
“So my hope would be that people like yourself, who will in time be important shareholders and influencers in our society, I hope that you will see that we did act in your best interests and we tried to find the right balance.”
Another teen asked Elliot when he would commit to meet the School Strike 4 Climate group to discuss ANZ’s approach to climate issues.
“Shayne Elliott, we have made the invitation to you for over a year, but unfortunately a meeting has not yet been arranged. So we feel strongly that to sit down with you, or a member of your board and to have an in-depth conversation about how you will carry through on your promise to your customers about sustainability would be required,” she said.
Elliot said staff from his team had already offered to meet them as a first step, which had been knocked back by the group, but he would be happy to meet them personally.
“You will understand I can’t meet with everybody who wants to meet with me, I do have a busy job and we have, you know, millions of customers,” he said. “But given the way you’ve represented yourself here today, and the issues that you’re talking about, I’ll be happy to arrange that when we can.”
Each of the big four banks have this year released detailed climate plans as they come under sustained pressure from shareholders to respond to climate change.Credit:Bloomberg
Each of the big four banks have released detailed climate plans as they come under sustained pressure from shareholders to respond to climate change.
All four banks are leaving the door open to financing gas in the short term, given its role as a transition fuel, while also promising to get much tougher in their assessments of big polluters.
Climate change loomed large at Westpac’s annual general meeting on Wednesday, with activists repeatedly interrupting the speeches. It also faced questions from Market Forces calling on the bank to show how its funding would not be used to expand fossil fuels. The resolution was supported by 9.7 per cent of proxy votes.
NAB is expected to face similar questions at its AGM on Friday.
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