Shareholders press BP and the company agrees to greater climate disclosure

The board of directors of the British oil and gas company agreed to support a shareholders’ proposal at its annual general meeting, in May. Board members agreed to disclose how the company’s business strategy, spending plans and emissions policies align with the Paris climate agreement, which deals with global warming issues.
The fund managers Hermes, L&G Investment Management, Aviva and M&G Investments are among institutions planning to file a shareholder resolution at BP’s annual general meeting. They state that, based on recent documents disclosed by the company, it is not possible to evaluate the extent to which the company’s investments are consistent with the Paris goals, a global push to limit temperature rises to well below 2°C in the next years.
The shareholder group Follow This, engaged in environmental activism in the companies it invests, also presented a proposal pressing the company for more transparency on the use of fuels by its consumers. The company said it does not back the proposal arguing that it is out of its control.
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