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Tuesday, June 6, 2017

Will CBA's board vote against financing Adani – and against global warming?

Will CBA

The fate of a company’s reputation can come down to one big decision made at a single board meeting.

Later this month, the directors of the Commonwealth Bank face just such a moment of truth when the bank’s board is expected to decide the business’ future policy on global warming.

On present trajectory, CommBank seems set for pariah status.

CommBank is the most structurally significant private investor in fossil fuels in Australia – the coal, oil and gas that are the major drivers of the carbon pollution causing global warming. The biggest Australian bank by market capitalisation, CommBank also loaned more money to fossil fuel projects in 2016 than any other bank.

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