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Stewardship principles
Sustainable business practices
Reliance Industries Limited is an Indian conglomerate operating globally across hydrocarbon exploration and production, oil and chemicals, and retail and digital services.
We have been encouraging the company to enhance its emissions disclosure for some time, highlighting areas where we believe increased disclosure would be beneficial to the market and aligned with emerging global best practice, particularly given its leading position in India's oil and gas industry. We have asked the company to disclose its Scope 3 (value chain) emissions, whether it has considered setting a quantitative methane-intensity target, and whether it will commit to zero routine flaring by 2030, in addition to discussing its net zero carbon ambition in relation to its New Energy Plans.
Continuously held since: 2001 Holding as at end 2025: 0.22 percent
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The resolution passed and the director was re-elected. We recognise that, as minority shareholders we have limited influence, however we still believed that voting action was the most appropriate course of action and an important signal. We communicated our rationale for the voting decision and continue to monitor progress as our engagement with the company remains ongoing.
The July extraordinary general meeting (EGM) provided an opportunity to escalate due to a lack of progress regarding the above points. We have appreciated the company's engagement with us on this topic, but as the disclosures fall short of our minimum expectations for the sector, we opposed the reappointment of one executive director, given his role as chair of the ESG committee.