Incitec Pivot : Activists press Australian explosive maker Incitec to set emissions targets

IPL.AX

Oct 14 (Reuters) - A shareholder group urged Australian explosive and fertiliser maker Incitec Pivot on Thursday to set emissions targets and align management pay and capital expenditure to help limit global warming.

Incitec is among a growing number of companies facing investor pressure to tackle climate change and align with the Paris climate change goal to limit global warming this century to well below 2 degrees Celsius.

In a resolution, the Australasian Centre for Corporate Responsibility (ACCR) called on Incitec to provide more information on its remuneration policy and capital spending on developing oil and gas reserves, and how both will help it meet the Paris goals.

"Its existing target to reduce emissions by 5% by 2026 (on 2020 levels) is unambitious to say the least and significantly lags those of its ASX-listed peers, including Orica and Wesfarmers," Dan Gocher, director of climate and environment at ACCR, said in a statement.

ACCR represents 0.0036% of Incitec shares and advocates Australian firms improve their environmental, social and governance performance.

Incitec said it will publish the board's response and voting recommendations on Nov. 17, a month ahead of the annual general meeting.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)