as a Downer shareholder I have finally come to a place where I do not want Downer to enter in to a contract to build and operate Adani's coal mine in Queensland's Galilee Basin. As such, I have registered to be one of the 100 shareholders required to put up a Resolution - for the contract not to be entered - at their AGM to be voted upon.
If you also feel strongly about this relationship not going ahead then please consider being part of the 100 members too. You can register your interest here.
If you want to understand more then read on.....
I am fully on-board Downer making sound business decisions and exercising their right to operate a lawful business, but I don't think this is a sound business decision nor a sound decision in respect to its social and environmental impact.
I have been closely following the anti-Adani campaign now since the beginning of the year and in particular a campaign that has been targeting Downer directly (which in itself is concerning). I'm on their newsletter list and so have discovered that this campaign is proposing to put a Resolution up at Downer's AGM - that Downer not go in to a binding contract to build Adani's mine. This needs 100 shareholders to achieve, so please register if you agree this resolution must be put forward to a vote.
Why I think it is a bad idea
I am concerned with Downer's business relationship with Adani for a number of reasons (also see the bottom of this post for a summary I found online - you can be the judge on whether you think it's based on fact of fiction):
- the bad history Adani has in respect to its contractors
- the risk of stranded assets (Adani has been rejected by 14 financial institutions; the future of coal is being contested even by those on the 'right' of politics)
- the contribution that this mine - the largest in the Southern Hemisphere - will have to global warming. The international community - including world leaders and financial institutions - recognises that there must not be any new coal mines.
Summary Sheet
Dear potential supplier to Adani,
Our aim is to provide additional information to you, to enable you to make an informed decision regarding the risk associated in such a business relationship.
Our research considers the economic, social and environmental risks to your business. For all substantiating references, please refer to: https://envirojustice.org.au/adani-brief-documents
Economically, how secure would you feel about being involved with a foreign-based company that:
• Has been rejected for a loan by 14 national and international banks and finance companies
• Has a record of reneging on payments to contractors
• Asks you to invest in technology that is seen by economists, mining companies and financiers as belonging to the last century, and is fast being made obsolete around the globe
• Relies on a complex business structure with bases in the Cayman Islands to conceal money flows and minimise taxation
• Needs a $1billion dollar loan from Australian taxpayers to build their railway
• By nature of you having a business relationship with them, will make you a target of ongoing disruptive action, backed by the broad Australian community?
Socially, how would your reputation be affected if you were associated with a project that:
• Is not supported by most Australians and is internationally condemned
• Has been ‘sold’ on lies to our government and the people
• Overrides the land rights of Australian Native Title holders
• Threatens the Great Barrier Reef and hence the 70,000 jobs associated with the tourism this national treasure generates
Environmentally, do you want to do business with a company that:
• Is facing huge fines for environmental damage in Australia and around the world
• Has the capacity to damage the Great Artesian Basin
• Will increase the risks to our struggling Great Barrier Reef
• Will contribute to accelerating global impacts from climate change, affecting the lives and lifestyles of generations to come
We trust this information provides a more rounded view of a company that promises much, but has a history of delivering little.
Sincerely, for a better world.
(20min delay)
