One of Standard Bank’s allegedly “climate conflicted” directors has resigned from the board just three weeks after a heated annual general meeting (AGM) where activists called for shareholders to vote against her reappointment. ’
On Wednesday, Standard Bank announced that Priscillah Mabelane had resigned as an independent nonexecutive director from the boards of directors of Standard Bank Group and its local division, “owing to the change in her executive management responsibilities”.
Her resignation from both boards will take effect from July 31.
Mabelane was one of five directors pointed out by activist nongovernmental organisation (NGO) Just Share as “climate conflicted” ahead of the Standard Bank Group AGM at the end of June. It implored shareholders not to vote for the quintet’s reappointment to the board.
These developments at Standard Bank form part of a global trend in which companies and financiers are coming under increased pressure to disclose more information on their exposure to the fossil fuel industry.
Mabelane became the first black female CEO in SA’s fuels industry when she was appointed CEO of BP Southern Africa in 2017. She had previously held positions at EY and Eskom, and in June was appointed executive vice-president of Sasol’s energy business and a member of Sasol’s group executive committee, effective from September 1.
Mabelane was one of the three Standard Bank executives singled out by Just Share that had ties with Sasol, a producer of synthetic fuels and the second-biggest emitter of greenhouse gases in SA after Eskom.
The NGO argued that the board members with ties to the fossil fuel industry were conflicted when it came to climate discussions and climate change decisions relating to the bank. Standard Bank, however, recommended the reappointment of the directors who, it argued, were highly competent individuals and not conflicted on matters of climate change merely by virtue of their ties to the fossil fuels industry.
Just Share’s plea ultimately did not succeed and shareholders voted for the reappointment of all directors in question.
In Tuesday’s announcement, the Standard Bank boards said they had extended their appreciation to Mabelane for her contribution to the group and wished her success with her future endeavours.
Tracey Davies, executive director of Just Share, said the organisation “welcomes this announcement, and in particular Ms Mabelane’s recognition that her role at Sasol is incompatible with a directorship at Standard Bank”.
Mabelane could not be directly reached for comment.
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