One in three directors at Africa’s biggest bank have ties to the coal industry

One in three directors at Africa’s biggest bank have ties to the coal industry

Nation of Change

Over 80 percent of directors had a past or current tie to polluting industries, either as a current or former adviser or employee.

Nearly a third of the directors of Africa’s biggest bank have close connections to the coal industry, casting doubt on their ability to ensure the organizations business is aligned with global climate goals.

A DeSmog investigation has found that 29 percent of board members of South Africa’s Standard Bank have current or former roles in companies involved in the coal supply chain that are included on the Global Coal Exit List (GCEL). Nearly a quarter (24 percent) of board members have current ties to the industry, making it the most coal-affiliated of any of the 39 banks analyzed by DeSmog. Over 80 percent of directors had a past or current tie to polluting industries, either as a current or former adviser or employee.

…Mohamed Adow, Director of Power Shift Africa, a climate and energy think tank based in Nairobi, said it was “shocking” that nearly four out of every five directors on the board of Africa’s biggest bank had ties to companies “which are destroying our environment.”

“How can these people be putting the best interests of Africans first when they have been complicit in driving the climate crisis, which affects Africa more than any other continent.”

“The cosy relationship between big banks and big polluters is what has got us into this mess. It seems there’s clearly a conflict of interest here when these same people will be voting on resolutions directly linked to climate change and the financing of fossil fuels.”

“We need African businesses, and banks, leading the way as examples for others to follow on climate sustainability, instead of clapping through the agenda of fossil fuel companies.”

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