Report
Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

BP - AGM 21 May 2019

Item 22:  To request that the Board report to shareholders on the strategy to be consistent with the goals of the Paris Agreement

The proposal has been filed by Climate Action 100+ (CA100+) with support from the environmental law group Client Earth. Shareholders may wish to note that the coordinator of CA100+ is the Institutional Investors Group on Climate Change (IIGCC), which is the current name of the former “Aiming for A”coalition. At the 2015 AGM, a climate change resolution submitted by Aiming for A reached 98% support at BP.

 CA100+ proposes that the Company include a description of their strategy as aligned with the Paris agreement.  This should include capital expenditure (CAPEX), specific metrics and targets for the short, medium and long-term including investment in resources, reserves and technologies; targets to reduce greenhouse gas emissions; estimated carbon intensity; and the link between these targets and executive remuneration.  The Board recommends shareholders support the proposal because they believe it will improve their reporting. The Board considers their strategy to be consistent with the Paris goals, because they are committed to providing more energy with lower emissions and to being an attractive investment in a world that meets the Paris goals.

ECGS has consistently supported shareholder proposals working toward a low-carbon future by encouraging companies to honor the commitments under the Paris Agreement. In order for investors to play an active role in monitoring and engaging with companies on this issue, it is important for them to have sufficient and suitable disclosure to evaluate the Company's strategy, including their targets for relevant metrics. Furthermore, we agree with CA100+ that it is essential for shareholders to have information on the Company's CAPEX.  Shareholders need to be able to analyze the company's investment trends to evaluate their respective focus on renewable energy versus oil and gas production and exploration.  We recommend shareholders vote in favor.

Underlying
BP PLC

BP is an integrated oil and gas group based in the United Kingdom. Co. is engaged in the exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and the manufacture and marketing of petrochemicals. Co. operates globally, with business activities in Europe, the U.S., Canada, Russia, South America, Australasia, Asia and parts of Africa. Co. operates in two business segments: Exploration and Production - including oil and natural gas exploration and development and production; and Refining and Marketing- activities include the refining, manufacturing, supply and trading, marketing and transportation of crude oil, petroleum and petrochemicals.

Provider
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Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Expert Corporate Governance Service (ECGS)

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