BP agrees to more climate reporting after ‘constructive’ investor talks

    A group of major European investors has secured the backing of BP for a shareholder resolution calling on the oil and gas major to do more to explain how its strategy is consistent with internationally-agreed climate change goals.

    BP will recommend that shareholders vote in favour of the resolution at its 2019 annual general meeting, saying its support followed “constructive engagement” with the asset owners and asset managers.

    “In accordance with the proposed resolution BP will describe how its strategy is consistent with the Paris goals, as well as setting out a range of additional related reporting,” the company said in a statement this morning.

    The investor group comprises Hermes EOS on behalf of its stewardship clients, Legal & General Investment Management (LGIM), Aviva Investors, M&G Investments, Newton Investment Management, HSBC Global Asset Management, the Church Commissioners for England, APG – on behalf of the €399 Dutch civil service pension scheme ABP and other pension fund clients – and the Local Authority Pension Fund Forum, which represents UK public sector pension funds.

    Kilde: https://www.ipe.com/news/esg/bp-agrees-to-more-climate-reporting-after-constructive-investor-talks/10029311.article