Wagners faces shareholder push on climate change
THE board of massive Toowoomba company Wagners has recommended against a push from certain shareholders to inscribe action on climate change within its constitution.
The publicly-listed construction materials business will hold its first annual general meeting since floating on the Australian Stock Exchange in December last year. The meeting will be at the annex behind city hall tomorrow morning.
Among the five resolutions is a request from shareholders representing .0127 per cent of the company, which has asked the directors to change the constitution to include guiding powers relating to climate change.
"Amend the constitution to insert at the end of clause 20 "powers and duties of director", the following new subclause, (that) the directors shall ensure the business of the company is managed in a manner consistent with the objective of holding global warming to below two degrees celsius above pre-industrial levels," the resolution read.
In the agenda notice, the directors recommended against such an adoption on the basis that the wording was ambiguous and the intent unnecessary.
"(The amendment) lacks sufficient clarity to enable practical application, inviting disagreement as to compliance," the directors wrote.
"This would add uncertainty and detract from the board's decision-making process in a manner that would be contrary to shareholders' best interests."
The directors said Wagners was already committed to environmental practices, including the development of its earth-friendly concrete.
Other resolutions include the reappointment of auditor BDO Audit Pty Ltd, the election of experienced public company board directors Lynda O'Grady (Domino's Pizza) and Peter Crowley (Wesley Medical Research) and the acceptance of the company's remuneration report.
Wagners' share price on the ASX eased off since hitting a record high on October 8 of $4.82.
It is now trading at $4.27, with a market capitalisation of $689 million.