BP said Feb. 1 that it will support a call from a group of institutional investors for the company to broaden its corporate reporting to describe how its strategy is consistent with the goals of the Paris Agreement.
Investor participants of the Climate Action 100+ initiative have proposed a resolution to be put to shareholders at the company’s annual general meeting in May 2019. Following constructive engagement between BP and the investors, the BP Board has decided to support the proposed resolution.
BP has supported the aim of the Paris Agreement, with its call to rapidly reduce greenhouse gas emissions in the context of sustainable development and eradicating poverty, since it was agreed in 2015.
In accordance with the proposed resolution BP will describe how its strategy is consistent with the Paris goals, as well as setting out a range of additional related reporting.
The process to formally submit the resolution is being finalized and BP intends to provide shareholders with a more detailed explanation of its support for the resolution in the notice of meeting ahead of the AGM.
Helge Lund, BP’s chairman, said: “BP is committed to helping solve the dual challenge of providing more energy with fewer emissions. We are determined to advance the energy transition while also growing shareholder value. We believe our strategy is consistent with the Paris goals. The additional reporting specified in the resolution will build on BP’s history of progressive action in this area. We welcome the constructive engagement with Climate Action 100+ and, after careful consideration, have decided to support this resolution.”