Shareholders express concern at BP’s oil sands plans
16 April 2010
Today a shareholder resolution about BP’s involvement in tar sands production was discussed and put to the vote at the oil major’s AGM. Results presented by BP at the meeting show that almost 15% of voters either supported the resolution or abstained despite the board’s recommendation to reject it. This is a significant expression of concern about the company’s decision to invest in new tar sands projects.
The resolution, coordinated by FairPensions and supported by WWF-UK, succeeded in attracting support from major investors, including some of the world’s largest pension funds. However, perhaps the biggest achievement was how the resolution put a spotlight on BP’s tar sands plans both among the public and City investors.
BP has been prompted to disclose much information that has not been publicly available before. Tar sands has become a hot topic among the investment community and BP has been subject to a far higher level of investor scrutiny on the issue than ever before.
Colin Butfield, our head of campaigns, said: “Tar sands threaten to lock in massive future carbon emissions at a time when all areas of the economy need to cut their carbon footprint. This resolution has highlighted the need to establish mandatory reporting requirements in the UK on environmental impacts and the financial risks they pose to investors.”
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