Labor MP Joel Fitzgibbon says companies like ANZ who are “divesting” from fossil fuels are “playing” to their shareholder “activists” instead of their “quiet majority” of shareholders who just want a good return on their investment.
“Right back in 2015 Newcastle council … decided to divest itself of any interest in fossil fuels – this is the city that hosts the biggest coal port in the world”, he told Sky News host Chris Kenny.
“But the ANZ bank’s been the big one last year when it said it would be withdrawing from the coal mining industry – that’s most disappointing. Obviously, it’s playing to its shareholder activists.
“The people it should be playing to are the quiet majority of its shareholders who have only interest in one thing – and that’s getting a decent return on their investment.”