![]() ![]() Despite the Annual Report’s admission that Vedanta’s greenhouse gas emissions were up to 53 million tons in 2016/17, against 42 million tons the previous year, he claimed that there has been an active revision of carbon policy, and they now have a group wide carbon strategy setting carbon and greenhouse gas (GHG) emissions targets for 2020 (targeting a 16% reduction from a 2012 base).ħ. He made specific reference to Konkola Copper Mines (KCM), the subject of a major UK court case on behalf of thousands of polluted farmers, claiming that Vedanta has been doing its best to deal with ‘legacy issues’ there, including reducing problems from the waste dam. He claimed they have been doing their best to reduce the impact of the company on the environment: surpassing their water saving target, reducing and recycling more waste (including using fly ash in construction), and producing biodiversity management plans. Coming back to sustainability issues, he noted that Vedanta has a global footprint. ![]() Vedanta has been ramping up production, with a record annual production at aluminium, power, zinc and silver (at Zinc-India) and copper.Ħ. Last year was one of simplifying the structure after the Cairn merger. The company will continue to reduce the debt they are carrying, while continuing to return value to shareholders. EBITDA (earnings before interest, taxes, depreciation and amortization) is up to $3.2 billion. Vedanta has made the most of a good market performance. ![]() Prices have in general risen, especially for oil. He went on to praise Vedanta’s market performance last year. Yet, the company have confidence they are on the right track.ĥ. He noted that although so far the numbers for this year are lower than last year, there has already been one fatality this year. They have apparently improved their HSE training, but nonetheless last year was overshadowed by seven deaths. On health and safety, he again reiterated the aim is to do zero harm, claiming it is “our ultimate goal and top priority”. He noted that, after the merger with Cairn, they are a simpler, more streamlined company, which is better for returning value to shareholders. Albanese reiterated that it had been an important year for the company. He then ran through various notes of changes to the board, before handing over to Mr. He noted that Tom Albanese will soon leave the company, moving to be reunited with his family in US, and that they are looking for a suitable replacement. Agarwal thanked the staff for their contribution to the company. They claimed to welcome ongoing dialogue with NGOs, governments and stakeholders.ģ. In July the company had held its third annual sustainable development meeting with various stakeholders in London. Agarwal highlighted the ‘challenge’ of climate change and claimed that Vedanta takes its responsibility to society seriously, with various claims to be helping up to 2 million people, especially women and children. There is some way to go, but he claimed they will not stop until they have achieved this. He assured shareholders that safety across the company continues to be a priority, claiming again that they are making zero harm, zero waste and zero discharge the ultimate goal. Agarwal noted he was able to join the Indian State visit to South Africa.Ģ. By way of demonstrating his political connections in India, Mr. Vedanta claims to be one of the biggest tax payers in India. While other companies look to China, he said, Vedanta has India, which is the fastest growing country in the world. He claimed that since 2003 the group has returned over £2 billion to shareholders, and heralded Vedanta’s positioning, because India and Africa give a unique opportunity for growth. He called 2017 a year of great potential for Vedanta, noting they were now the sixth largest diversified resources company. After lengthy introductory remarks, the Chair, Anil Agarwal, opened the meeting. For a full account of the AGM, read on…ġ. For reporting on the demonstration outside the Vedanta AGM, highlights of the AGM itself, and protests around the world, see Vedanta’s 2017 AGM again disrupted by protests (on the Foil Vedanta website). ![]()
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