This will be BP's 110th AGM and my first as chairman. I am excited and privileged to have joined BP at such an important time for not only our company, but the industry as a whole. Demand for energy will continue to increase as the world's population grows. As chairman I will aim to provide thoughtful leadership and support to the board. I look forward to continuing the board's work on developing our capabilities to make sure BP is best positioned to advance the energy transition and play its role in the dual challenge of meeting this demand while trying to reduce global carbon emissions.
Following the AGM in Manchester last year, we have elected to hold this year's meeting in Aberdeen, home of our BP North Sea headquarters. BP has a great affiliation with the city of Aberdeen. We have had a presence in the city for more than 50 years and we have been, and continue to be, a leading investor and employer in the area.
I would like to take the opportunity to express my gratitude to my predecessor, Carl-Henric Svanberg, for his commitment and contribution to the company for nearly a decade, during which it faced unprecedented challenges. I would also like to thank Alan Boeckmann and Frank Bowman, both of whom have decided not to stand for re-election at this year's AGM and will not be in attendance at the meeting in May, for their tremendous service over the years.
During 2018 we welcomed Dame Alison Carnwath and Pamela Daley, each of whom brings a breadth of experience and expertise. Their appointments reflect the continuing drive of the board to enhance diversity while maintaining the requisite skills and knowledge in managing your company.
At the AGM, we will be discussing our performance in 2018 (including executive remuneration) and our strategy going forward. Full details are set out in the BP Annual Report and Form 20-F 2018 which can be found at bp.com/annualreport.
You will note that this year there are two resolutions requisitioned by the shareholder groups Climate Action 100+ and Follow This. Their respective supporting statements and the responses from the board to each can be found in full on pages 23 to 27 in this Notice of Meeting.
The board supports the Climate Action 100+ shareholder resolution and considers it to be in the best interests of the company and its shareholders. It recommends shareholders vote in FAVOUR of resolution 22 for the reasons set out on page 24.
The board does not support the Follow This shareholder resolution and does not consider it to be in the best interests of the company and its shareholders. It recommends shareholders vote AGAINST resolution 23 for the reasons set out on page 27.
As in previous years, we will also be putting forward resolutions relating to ordinary business at the AGM. This will once again include two separate resolutions seeking shareholder authority to disapply pre-emption rights when allotting shares, in line with the pre-emption guidelines. Please refer to the explanatory notes relating to each of the resolutions.
Your votes do matter and I encourage you to vote. Information about how to vote and attend the meeting is given on pages 15 to 21 of this notice. If you cannot attend the meeting, please vote your shares by appointing a proxy.
I look forward to seeing as many of you as possible at the AECC.
Information about our Annual General Meeting including the Notice of Meeting and speeches made by members of the board
An overview of the key activities, events and results in 2018, together with commentary on BP’s performance and our priorities as we move forward