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Australasian Centre for Corporate Responsibility (ACCR) v Commonwealth Bank of Australia - decision

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The Australasian Centre for Corporate Responsibility filed an application of October 14, 2014 against the Commonwealth Bank of Australia, seeking declarations that their proposed resolutions relating to greenhouse gas emissions could be validly moved at the annual general meeting of the Commonwealth Bank of Australia pursuant to s 249N of the Corporations Act 2001. 

The resolutions included requiring the company to create and release a report detailing their greenhouse gas emissions and plans to mitigate the emissions, and requiring the company to create and release a report detailing the risks posed by climate change to the bank and mitigation strategies the bank would adopt. 

The Court rejected the proposed resolutions under the Corporations Act in a judgment issued on July 31, 2015. The Court found that shareholders do not have the authority to propose resolutions that relate to the management of a company unless the company’s constitution so allows.

The Australasian Centre for Corporate Responsibility filed an appeal of the lower court’s judgement in favor of the Commonwealth Bank of Australia. The Court rejected the proposed resolutions under the Corporations Act in a judgement issued on June 10, 2016 reaffirming the lower courts judgement. The Court found that shareholders do not have the authority to propose resolutions that intrude on the management of the company.

Australasian Centre for Corporate Responsibility (ACCR) v Commonwealth Bank of Australia

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

The activities of industries involved in the production, distribution, and sale of energy, including electricity, gas, and renewables.

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

Coal is a combustible sedimentary rock formed from carbonised plant matter, rich in carbon and hydrocarbons, and occurring in several main types including hard coal and brown coal.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

The release of heat-trapping gases, primarily from human activities such as burning fossil fuels, agriculture and industry.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

Australasian Centre for Corporate Responsibility (ACCR) v Commonwealth Bank of Australia - decision

Policy instrument

Fossil fuel

Greenhouse gas

Economic sector

Finance