The Guardian | BP is under pressure from a hedge fund to ditch a strategy that will see it cut its oil and gas output in favour of investing in clean energy.
London-based Bluebell Capital Partners has written to BP arguing that the FTSE 100 energy company’s strategy has depressed its share price and presumed a “drastic decline in oil and gas demand, which we consider to be utterly unrealistic”.
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Mark van Baal, head of Dutch activist group Follow This, has in recent years forced shareholder votes at BP, Shell, Chevron and ExxonMobil calling for stronger emissions reduction targets.
ExxonMobil is taking legal action to try to dismiss a resolution for its next annual meeting.
Van Baal questioned whether Bluebell would gain much shareholder support, and argued that BP’s share price under performance versus peers was related to its decision to cut its dividend in 2020.
“We don’t think responsible shareholders will allow a conservative investor to slow down a transition that is already moving far too slowly,” he said.
“Letters don’t change companies; shareholders’ votes do. Let them file a shareholder resolution and see how many shareholders support going back in time. We don’t think they will get much votes.”
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