ANZ: Shareholder backlash …

Paul Oosting Wilderness Society MR. Potential shareholder backlash if ANZ funds pulp mill. ANZ shareholders to hold an EGM should they fund Gunns pulp mill.

THE WILDERNESS SOCIETY today launched an open letter (above) to ANZ shareholders seeking their support to hold a shareholder general meeting, or extraordinary general meeting (EGM), should ANZ fund Gunns’ pulp mill.

“We believe that like the majority of the public, the majority of people who have shares in the ANZ bank are opposed to Gunns’ proposed pulp mill. Those people have a critical role to play in deciding on the future of Tasmania’s forests, climate change and economy,” said Mr Paul Oosting, pulp mill campaigner for The Wilderness Society.

Australia’s Corporations Act has provisions aimed at ensuring that the will of shareholders is reflected in the running of their company. Shareholder meetings or extraordinary general meetings (EGM’s) give shareholders, the people who own the company, the opportunity to express their will and to obtain critical information.

“If the ANZ has organised finance for the project and/or contributed funds for the mill, it will demonstrate serious systemic failures in the bank’s environmental, social and economic investment policies. They will then have serious questions to answer from their shareholders. Those who own the ANZ, their shareholders, expect the bank to act on environmental and social responsibility, not just use it as greenwash,” said Mr Oosting.

“We are looking for expressions of interest from ANZ shareholders who would be interested in requisitioning an EGM should ANZ fund the pulp mill. Already we have been contacted by a number of ANZ shareholders opposed to Gunns destruction of Tasmania’s native forests,” said Mr Oosting.