The resolution proposed by the “Aiming for A” shareholder coalition at BP’s AGM on 16 April 2015 has been passed with over 98% of votes cast. The resolution requires increased annual reporting relating to climate change risks and makes the link to related KPIs and executive incentives. For more details see Resolution 25 and Appendix 4 in the BP AGM notice.
A similar resolution (also supported by the Board) has been proposed for the Shell AGM on 19 May 2015 – see Resolution 21 in their AGM notice.
The “Aiming for A” coalition includes members of the Local Authority Pension Fund Forum and the Church Investors Group and announced last year that the next stage of their capital stewardship phase would involve proposing resolutions at the BP and Shell AGMs in 2015.
The strong support shown for this resolution looks like a green light for this kind of stewardship initiative, so watch this space…