Release date: 21 May 2019
Resolution 22, proposed by members of investor group Climate Action 100+ and backed by the BP board, was passed with 99.1% of the vote.
A second resolution, proposed by a group called Follow This, received 8.4% support, against a 75% threshold for a special resolution to be accepted.
In a statement following the meeting, BP’s Dominic Emery, vice president of group strategic planning, said: “BP’s shareholders have shown their support for the approach we are taking to advance the energy transition and help address the climate challenge.
“We are pleased that investors have overwhelmingly approved the Climate Action 100+ resolution we supported – while also rejecting one from Follow This that would have restricted our flexibility to manage the uncertainties of the energy transition.
“To be successful in this critical area, we must continue our engagement with shareholders and other stakeholders and we are committed to doing so.”
Resolution 22 was described as ‘a blueprint for others to follow’ by Bruce Duguid, head of stewardship for Hermes Investment Management, writing on behalf of Climate Action 100+ in The Telegraph. Duguid said the success of Resolution 22 “will continue the momentum of a new era of collaboration between investors and companies, working together to find long-term solutions to one of the most challenging and urgent problems for mankind.”
Shareholders supported all other 21 resolutions at the meeting, including the election and re-election of BP’s board members.