Get 40% Off
📈 Free Gift Friday: Instantly Copy Legendary Investors' PortfoliosCopy for Free

BP defeats climate change and chairman challenges

Published 28/04/2023, 08:21
© Reuters.  BP defeats climate change and chairman challenges

Proactive Investors - BP (LON:BP) comfortably saw off a challenge to plans to water down its carbon reduction targets even though five pension funds voted against the changes.

In a vote at its AGM yesterday, over 83% of investors backed the company with only around 17% voting for the shareholder-proposed resolution.

These did include, however, government-backed pension scheme Nest, the Universities Pension Scheme, LGPS Central, Brunel Pension Partnership, and Border to Coast, a group with around £440mln invested in the oil giant.

Dutch environmentalist group Follow This put forward the resolution, which called for BP to adopt more aggressive targets on scope 3 emissions generated from the use of its products such as car exhaust fumes.

BP had called the motion "unclear", "simplistic" and "disruptive".

Institutional voting advisers ISS and Glass Lewis had both recommended BP shareholders oppose Follow This’s resolution.

Motions brought to remove chair Helge Lund and to reject the board’s pay were also defeated, though more than 18% of votes were registered against the remuneration report and almost 10% against Lund’s reappointment.

In February, after making huge profits from soaring oil and gas prices, BP announced that it was lowering a target of a reduction of 35-40% in its greenhouse gas emissions to 20-30% while upping its spending on fossil fuel projects.

Katharina Lindmeier, senior responsible investment manager at pension fund Nest, told the BBC: "Not only were we disappointed to see the company going back on the targets, but we were also really surprised not to have had any consultation."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Several Just Stop Oil protestors were removed after attempts to disrupt the meeting.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.