Tar Sands Campaign Update
This AGM season, ShareAction co-ordinated two shareholder resolutions, asking BP and Shell to publish details of the environmental, social and financial risks associated with their tar sands projects. Our resolution was discussed by BP shareholders on 15th April and by Shell shareholders on 18th May.
Working with partners including Greenpeace, The Co Op, WWF and UNISON, we succeeded in mobilising thousands of people to take action. The Shell AGM saw 1 in 10 shareholders refusing to heed the company's recommendation to vote against the resolution, just weeks after 1 in 7 investors in BP (controlling £10 billion in the company's stock) refused to back management on tar sands. These results come despite a massive charm offensive by both companies' "investor relations" teams.
Moving forward, ShareAction has launched its new Got Oil? campaign. If you are a member of a pension scheme, it is very likely that money is invested on your behalf in BP and other oil companies. BP's Gulf of Mexico oil spill has damaged not only the environment and livelihoods, but also our pensions investments.
BP has admitted that it was not prepared to deal with the consequences of a deepwater oil spill, and there are worrying signs that BP and other oil companies may prove similarly unprepared to deal with the challenges of global warming. For example, BP's chairman at this year's AGM said that its business strategy is being developed on the basis of a model of energy demand which assumes no change in government policies and which experts say would result in catastrophic consequences for our climate.
As a member of a pension scheme, you have the right to make your voice heard, to ask for the money invested on your behalf to be used to encourage company behaviour that is both environmentally and financially responsible. Please take a moment to take action.