Other

Cross programme

Climate Action 100+ flagged resolution: Air Liquide (AI.PA): Annual General Meeting – Wednesday 4 May 2022

22.04.22

Air Liquide — Trusteam Finance to vote AGAINST one management proposal on accountancy grounds: Resolution #8 — Renewal of the term of office as a Principal Statutory Auditor of PricewaterhouseCoopers Audit.

Summary of why the resolution is being flagged

  • In 2021, Air Liquide set new climate targets, with the ambition to achieving “carbon neutrality” by 2050. It indicated that it considered climate when preparing its financial statements, including the potential impact on the useful lives of assets, impairment, its client portfolio and cashflows, but that the impact was not material.
  • However, as in 2020, Air Liquide did not provide detail around how it made this determination, such as it the estimates and assumptions it used for short- and long-term carbon pricing or the useful lives on carbon-intensive assets.
  • Similarly, there was no evidence that PwC and EY considered the impacts of relevant climate-related matters in their audit beyond an indication that AL had sustainable development objectives.

See investor statement from Trusteam Finance (in French) here and supporting assessment from Carbon Tracker here.

Download the full memo below.

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