progsrock (@progsrock.bsky.social)

bp Shareholders Defeat Resolution Aimed at Reducing Climate Disclosures bp shareholders resoundingly defeated two resolutions proposed by the energy giant at its annual general meeting (AGM) on Thursday, including resolutions that would have enabled the company to eliminate some climate-related disclosures, and to hold virtual AGMs going forward. Both resolutions were voted against by more than half of shareholders, falling well below the 75% threshold required to pass. Notably, 18% of shareholders also voted against the election of bp’s new Chair Albert Manifold. The shareholder action follows a campaign by climate activist group Follow This and several institutional investors calling on shareholders to vote against the resolutions after bp had refused to include a resolution filed by the group requesting that the company disclose a strategy for creating shareholder value under scenarios of declining oil and gas demand. Follow This has filed a similar resolution at Shell, which the company has included in its AGM materials, but recommended that shareholders vote against it at the company’s upcoming AGM on May 19. Following the AGM, Mark van Baal, CEO of Follow This, said: “Today, shareholders reminded BP’s board who it works for. Not for itself, but for them. Many shareholders agreed with us: BP’s governance is broken.” Among the defeated... https://www.esgtoday.com/bp-shareholders-defeat-resolution-aimed-at-reducing-climate-disclosures/?utm_source=rss&utm_medium=rss&utm_campaign=bp-shareholders-defeat-resolution-aimed-at-reducing-climate-disclosures