Investor coalition files resolution demanding BP justify oil and gas strategy shift
A pension fund group managing £191 billion filed a resolution asking BP to prove that shifting capital to oil and gas offers better returns than low-carbon.
Insights:
The Accountability and Climate Change Research group, known as ACCR, supported by a coalition of United Kingdom 
GBand European pension funds, has filed a shareholder resolution calling on BP p.l.c. to provide detailed evidence for its recent strategic pivot. The group, which manages approximately £191 billion in assets, is demanding that the energy major justify why shifting capital expenditure from low-carbon projects toward oil and gas will deliver superior value for shareholders.
GBand European pension funds, has filed a shareholder resolution calling on BP p.l.c. to provide detailed evidence for its recent strategic pivot. The group, which manages approximately £191 billion in assets, is demanding that the energy major justify why shifting capital expenditure from low-carbon projects toward oil and gas will deliver superior value for shareholders.The resolution requests that BP p.l.c.publish the relative cost-competitiveness of each project within its portfolio. The investors are also seeking clarity on how the company accounts for potential cost overruns and delays, alongside an explanation of how continued spending on oil and gas exploration pays off. The co-filers of the resolution represent 0.42% of the share capital of BP p.l.c., with the Greater Manchester Pension Fund making up the largest proportion at 0.23% according to ACCR. Other participants include London CIV, PUBLICA, Merseyside Pension Fund, Nest, and the Wales Pension Partnership.
