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Reuters
Reuters
Business

National Australia Bank shareholders file resolution on climate change

FILE PHOTO: The logo of National Australia Bank is displayed outside the firm's headquarters in central Sydney, Australia, Aug.4, 2017. REUTERS/David Gray

A group of National Australia Bank <NAB.AX> shareholders has put forward a resolution for the bank's annual meeting, asking it to disclose its strategy in reducing exposure to fossil fuels in line with Paris accord climate goals, the bank said on Monday.

The resolution also asks the bank to lay out its plan to eliminate exposure to thermal coal in OECD countries by 2030.

Activist shareholder groups have stepped up pressure on major companies in recent years to trim their exposure to fossil fuel assets, while stakeholders have sought more accountability.

The country's top lender, Commonwealth Bank of Australia <CBA.AX>, last year pledged to phase out its exposure to thermal coal.

NAB's annual general meeting will be held on Dec. 18.

(Reporting by Anushka Trivedi in Bengaluru; editing by Richard Pullin)

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