LGPS Central will vote against the reappointment of Helge Lund as the chairperson of oil and gas giant BP at the upcoming company annual general meeting (AGM) due to concerns over climate policy, as confirmed to Room151.
Patrick O’Hara, LGPS Central’s director of responsible investment and engagement, confirmed this move was directly related to BP reneging on its climate policy earlier this year, moving net-zero timelines forward in contrast to the firm’s ‘Say On Climate’ proposals that had previously received majority shareholder support.
“We were disappointed with the company’s decision to scale back their plans to reduce oil and gas production. We would have welcomed an opportunity to express our views prior to this decision being taken.
“In the absence of such a dialogue and in the absence of an opportunity to vote on this revision to the company’s short term transition plan at this AGM, we consider it incumbent on us to vote against the chair”, O’Hara said.
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LGPS Central will also support the proposal by activist group Follow This at the upcoming AGM. Follow This looks for BP to commit to absolute emissions cuts by 2030 in line with the Paris Agreement, including Scope 3 emissions.
BP has urged shareholders to vote against the proposal, labelling it “unclear” and “disruptive”.
O’Hara added: “We consider that this resolution is an appropriate ask for the management of BP and it aligns with our own engagement objectives, therefore we plan to support it.”
BP’s AGM will be held in London on 27 April.
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