A few weeks ago, I wrote about an effort by BP to nullify climate reporting obligations passed by the company in 2015 and 2019. Now, shareholders, led by activist firm Follow This, successfully fended off BP’s proposal, leaving climate reporting at the company intact. Reuters reports:
“Major proxy advisers Glass Lewis and ISS, and top-10 BP shareholder LGIM supported votes against BP’s wishes ahead of the AGM, including opposing BP’s proposal to scrap the two resolutions requiring company-specific climate disclosures.
Glass Lewis said Manifold was ultimately accountable for BP’s decision to exclude a resolution filed by climate activist group Follow This and thus recommended a vote against him. The resolution called on BP to disclose how its strategy would perform under scenarios of declining demand for oil and gas.”
This marks a major win for activist investors who are not looking to lose the ground ESG proposals have made over the last 10-15 years. BP’s strategy has shifted away from renewables and back to a focus on oil and gas under new management. Some see this shareholder vote as a rebuke of that strategy.
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