Holcim AG | Advisory vote on the climate report

Status
Filed
AGM date
Resolution details
Submitted by
Ircantec
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Climate change
Type of vote
Other management proposal or proxy item
Filer type
Management
Company sector
Industrials
Company HQ country
Switzerland
Resolved clause
Proposal of the Board of Directors: Acceptance of the climate report in an advisory vote.
Supporting statement
Explanation of the Board of Directors: The Board of Directors believes that shareholders should have a say on climate-related matters on a regular basis and as in the last three years is seeking the support of shareholders on its climate strategy in an advisory vote in addition to the report on non-financial matters which also includes climate matters. Decarbonizing Holcim to become net-zero is of utmost importance for the company and the purpose of this vote is to hear the opinion of our shareholders on the progress in implementation of the climate strategy presented which is a key pillar of Holcim’s overall corporate strategy. Shareholders are not asked to take responsibility for our climate transition strategy, which is among the responsibilities of the Board of Directors. However, the advisory vote on the climate report serves as a basis for further engagement with the shareholders. Whilst the potential support of shareholders will be understood by the Board of Directors as a positive sign regarding Holcim’s climate journey, likewise potential criticism will be addressed by engaging with dissenting shareholders to understand their concerns. Holcim will also continue to publish annual climate reports detailing the progress made towards achieving its climate goals. All climate-related information has been included in Holcim’s Integrated Annual Report 2024 published on Holcim’s website at Holcim.com. The climate report is also available in English on Holcim’s website, at Holcim.com/agm.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
IrcantecAbstainWe are voting to abstain from voting on Holcim, despite its notable efforts in recent years to reduce its greenhouse gas (GHG) emissions and its ambitions for carbon neutrality by 2050. Indeed, Holcim is gradually integrating climate into its strategy, with a substantial CAPEX plan, a continuous reduction in absolute global emissions, a trajectory validated by SBTi at 1.5°C by 2050 with a reference year in 2020 across all Scopes. In addition, the short-term targets (2030) are also validated at 1.5°C for Scopes 1 and 2. However, the company is heavily basing its carbon neutrality strategy on carbon capture and storage (CCS) technologies, which represent 44% of its emission reduction levers for Scopes 1 and 2. This technological dependence raises questions about the maturity and future reliability of these technologies. Furthermore, Holcim lacks specific interim targets, particularly for 2040, and the Scope 3 objectives are not fully quantified, leaving uncertainties about the emissions reduction trajectory. CAPEX investments, while substantial, are mostly focused on CCS technologies to the detriment of clean energy and decarbonization. Finally, climate governance, while present, does not appear to provide sufficient incentives in the long term to pursue a more effective climate policy. Consequently, although Holcim shows signs of commitment, its climate plan requires adjustments to be considered truly robust and sustainable in the long term.

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