BP Annual Meeting Blahblah Activist Green Investors Blah Net-Zero Blahblahblah Shareholder Value

[hatrack]

BP faces a green rebellion at its annual shareholder meeting on Thursday as some of Britain’s biggest pension funds prepare to demand the company toughens its plans to reduce its emissions by 2030. The National Employment Savings Trust (Nest), which represents about 11m individual workplace pensions, plans to back a resolution put forward by climate campaigners at Follow This, which calls for BP to align its emissions reduction plans with the Paris agreement.

The campaign group has also won support from the Universities Superannuation Scheme and the council pensions fund Border to Coast, which have both also agreed to vote for the Follow This resolution. Oil companies have faced rising dissent from activist shareholders including Follow This in recent years. In 2021, Legal & General Investment Management, one of the oldest fund managers in the City of London, backed a similar resolution put forward by Follow This at Shell’s AGM. The resolution was backed by 30% of Shell’s shareholders.

EDIT

BP’s chief executive, Bernard Looney, originally set out a “net zero carbon” plan that included a goal to cut the company’s oil and gas production by 40% compared with 2019 by the end of the decade. However, he reset the target to 25% by 2030 in February after reporting the highest profits of BP’s 114-year history thanks to soaring oil and gas prices.

EDIT

Campaigners at Reclaim Finance, which lobbies for the financial sector to align with global climate goals, has also called on investors to vote against the pay awards given to Looney and the chief financial officer, Murray Auchincloss, because the remuneration policy does not go far enough to take BP’s climate responsibilities into account. Separately, one of the largest proxy shareholder advisers, Glass Lewis, has recommended that shareholders vote against Looney’s £10m pay packet after the death of four workers last year. It was trimmed by only £78,329 to reflect the safety breaches.

EDIT/END

https://www.theguardian.com/business/2023/apr/24/bp-facing-green-rebellion-annual-shareholder-meeting

[Brenda]

1. Hah, but c'mon.

I get what you're doing with the subject lines...kinda funny, for awhile, but now it seems like we just need to see the real headlines in order to see how low the MSM usually plays it. But thanks for all the threads you post.

It's so repulsive that people, REAL people, billionaires and CEO's, and those Board Members vote to keep climate change going...