Investors Demand Detailed Evidence From BP on Shift Toward Hydrocarbons
Activist group ACCR and pension funds filed a resolution asking BP for data on its oil pivot. The filing comes before the firm’s upcoming annual meeting.
Insights:
Activist shareholder group ACCR and a coalition of United Kingdom 
GBand European pension funds have filed a shareholder resolution calling on BP p.l.c. to provide more details on why shifting more spending into oil and gas will deliver better value for shareholders. The resolution, which increases governance and disclosure scrutiny of the energy giant, was co-filed by a group managing £191 billion in assets according to ACCR. These co-filers represent 0.42% of the share capital in BP p.l.c., with the Greater Manchester Pension Fund alone making up 0.23% according to an ACCR spokesperson.
GBand European pension funds have filed a shareholder resolution calling on BP p.l.c. to provide more details on why shifting more spending into oil and gas will deliver better value for shareholders. The resolution, which increases governance and disclosure scrutiny of the energy giant, was co-filed by a group managing £191 billion in assets according to ACCR. These co-filers represent 0.42% of the share capital in BP p.l.c., with the Greater Manchester Pension Fund alone making up 0.23% according to an ACCR spokesperson.The group of institutional investors includes the Greater Manchester Pension Fund, London CIV, PUBLICA, Merseyside Pension Fund, Nest, and the Wales Pension Partnership. The resolution requests that BP p.l.c.publish the relative cost-competitiveness of each project and explain how the company accounts for cost overruns and delays. Furthermore, the filing asks for evidence on how continued spending on oil and gas exploration pays off for the business. This resolution will be tabled at the annual general meeting for BP p.l.c., which is expected to take place in April or May. BP p.l.c.declined to comment to Reuters regarding the filing.
