Miners reject AGM climate debate

Paladin Energy and Aquila Resources are at odds with climate change campaigners after the companies both rejected resolutions to discuss the issue at their AGMs.

The Climate Institute and Australian Ethical Investment proposed resolutions to go to the AGMs of the two companies which have been refused because Paladin and Aquila believe they are management not shareholder business.

"It is disappointing and surprising that the Paladin and Aquila boards are censoring these proposed expressions of shareholder interests when the purpose of the resolutions is to help protect shareholder long-term returns," Julian Poulter, from the Climate Institute, said in a statement.

"These resolutions ask fundamental questions about emissions disclosure and it is remarkable that these boards, whose companies will be greatly exposed to carbon regulation, consider reporting to shareholders on their climate change strategies outside of shareholder business."

The bodies have asked for the companies to disclose their carbon emissions, strategies to reduce emissions, capital investment assumptions around future carbon prices and their use in making long-term investment decisions.

Mr Poulter said Aquila Resources' board stated in a notice to all shareholders that: "The board's view, is that the subject matter of the proposed resolution, both under the company's constitution and under the Corporations Act 2001, is a matter for management rather than for shareholders."

Paladin Energy's board letter was along similar lines, but added that disclosing carbon emissions impinged on the board's authority to manage the company.

Mr Poulter said resources firm Oil Search had accepted a resolution for its AGM in May.

Woodside Petroleum is taking legal advice on a resolution to go to its AGM in April.