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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.

Looking to the future, several major investors have come out and said publicly that they will be pressing BP and Shell for a much greater level of transparency on tar sands. In turn, ShareAction will be working with pension funds and fund managers to ensure that this kind of scrutiny is indeed maintained, not only on tar sands but also on other environmental, social and governance issues.

Furthermore, the tar sands campaign has laid the groundwork for pension fund members to really get engaged with their funds on other issues of concern, and we will continue to work to support people in making their voice heard.

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