Our engagement
As part of Fidelity’s climate thematic commitment to engage with the top 70% of scope 1 and 2 emitters, we engaged with Orica Limited on its climate transition plans as well as broader emissions reduction commitments. In the lead-up to its AGM, Orica reached out to highlight that it was considering undertaking a Say on Climate vote and wanted our feedback on the key elements that were important to consider when putting forward the vote.
We provided guidance on what elements were critical for a company transition plan and what criteria would need to be met for us to vote in favour of the resolution. In Fidelity’s proprietary climate ratings, Orica is already ranked as ‘high transition potential to net zero’ and is well progressed with the development of its transition plan and executing on its decarbonisation pathway.
Nevertheless, we encouraged Orica to consider providing further detail on their scope 3 emissions reduction strategy, as well as decarbonisation pathway by asset and annual progress updates.
