Shareholder resolutions for consideration at AGMSource: RNS
395 Bourke Street
Melbourne VIC 3000
Thursday, 7 October 2021
Shareholder resolutions for consideration at the 2021 AGM
As required by ASX Listing Rule 3.17A, National Australia Bank today advises that it has received the two resolutions shown below under section 249N of the Corporations Act 2001 (Cth) for consideration at its Annual General Meeting (AGM) to be held on 17 December 2021.
National Australia Bank expects to publish its 2021 Notice of AGM in or around mid-November, which will contain the proposed resolutions, together with accompanying statements provided by the requisitioning shareholders, and the Board's recommendations in relation to these resolutions.
Resolutions promoted by Market Forces and requisitioned by a group of shareholders
Resolution 1 - Amendment to the Constitution
Insert into the Constitution in clause 8 'General meetings' the following new sub-clause 8.3A 'Advisory resolutions': "The Company in general meeting may by ordinary resolution express an opinion or request information about the way in which a power of the Company partially or exclusively vested in the Directors has been or should be exercised. Such a resolution must relate to a material risk identified by the Directors or the Company and cannot advocate action that would violate any law or relate to any personal claim or grievance. Such a resolution is advisory only and does not bind the Directors or the Company."
Resolution 2 - Transition Planning Disclosure
Shareholders note the Company's stated support for the goal of achieving net-zero emissions globally by 2050 (including its commitment "to align its lending portfolio to net zero emissions by 2050"),1 along with the publication of the International Energy Agency's Net Zero by 2050 scenario.2 Shareholders therefore request the Company disclose, in subsequent annual reporting, information demonstrating how the Company will manage its Fossil Fuel3 exposure in accordance with a scenario in which global emissions reach net-zero by 2050. This information should include:
· A commitment to no longer provide Banking and Financing4 where proceeds would be used for new Fossil Fuel projects; and
· Targets to reduce Fossil Fuel exposure consistent with net-zero by 2050.
For further information:
Mark Alexander Nina Bosco
M: +61 (0) 412 171 447 M: +61 (0) 477 712 036
Sally Mihell Natalie Coombe
M: +61 (0) 436 857 669 M: +61 (0) 477 327 540
The release of this announcement was authorised by the Group Company Secretary.
1 Annual Financial Report 2020, National Australia Bank, p.42
2 'Net Zero by 2050', International Energy Agency, May 2021
3 Upstream, midstream and downstream oil and gas; coal mining and transport (including haulage and ports); coal, oil and gas power generation
4 Corporate lending, bonds, hybrids, syndicated loans, US private placements and securitisation, project finance, asset finance, acquisition and leveraged finance, export credit agency, debt capital markets and advisory, as listed by NAB: https://www.nab.com.au/corporate/specialist- solutions/financing-corporate-growth; https://www.nab.com.au/corporate/specialist- solutions/specialised-financing-solutions
National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686