LONDON (Reuters) - BP (LON:BP) shareholders should vote against its annual report and remuneration policy and support the "Follow This" climate activist resolution at BP's shareholders' meeting, Britain's Local Authority Pension Fund Forum (LAPFF) has recommended in a report seen by Reuters.
In February BP rowed back on plans to slash oil and gas output and emissions and will not offer shareholders a vote on its climate strategy as it did last year when they backed it.
BP now aims to produce 2 million barrels of oil equivalent per day by 2030, down 25% from 2019 levels versus previous plans for a 40% cut.
As a result, BP, which has recommended shareholders at the company's April 27 annual general meeting vote against Follow This, reduced its ambitions to cut emissions from fuels sold to customers to 20%-30% by 2030, from 35%-40%.
Scientists say the world needs to cut 2019 level greenhouse gas emissions by 43% by 2030 to have any hope of meeting a Paris Agreement goal of keeping warming well below 2 degrees Celsius above pre-industrial levels.
LAPFF in a report to its members said it was "disappointed with the slackening of 2030 aims for emissions reduction".
Its members hold assets worth more than 350 billion pounds ($431.13 billion), according to its website.
"LAPFF is further disappointed that there is not a company resolution on transition planning this year, especially given the material changes since the last one."
Follow This said in December it had co-filed resolutions with six major institutional investors managing $1.3 trillion in assets ahead of the annual general meetings of BP, Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and Shell (LON:RDSa).
Follow This wants the companies to commit to absolute emissions cuts by 2030 in line with the Paris climate deal, including emissions from the combustion of the fuels they sell, known as Scope 3 emissions.
($1 = 0.8120 pounds)