At BP’s AGM today, investors voted on two motions on the ballot to encourage the company to align its business model with the Paris Agreement.
Over 99% of shares were cast in favour of a resolution filed by CA100+ asking for Paris-aligned strategy. Over 8% of shares voted for a Follow This resolution which asks the company to set emissions reduction targets for its clients products.
In response, Jeanne Martin, senior campaigns officer at ShareAction, said: “If I were a BP director I’d be seriously worried about these results. The CA100+ resolution (resolution 22) indicates strong investor disapproval of BP’s current strategy which is far from Paris-consistent. As for Follow This (resolution 23), while 8% support may not sound like a lot, a lower level of support was enough to force Shell to U-turn on target-setting. There’s clearly appetite for BP to set emissions reduction targets for its clients’ products, with some of BP’s largest investors already announcing that they would call for this if BP failed to deliver a Paris-consistent strategy in a year’s time. Any savvy BP investor would have these results front and centre of engagements.”
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