Responsible Investor | Group oppose retirement resolution after UK oil major excludes proposal on financial risks of
declining oil and gas demand.
Follow This and a group of investors have called on shareholders to vote against BP’s move to retire legacy climate-related proposals.
The group made the recommendation in an open letter to the UK energy giant’s board, sent to 1,800 investors. Twelve investors co-signed the letter with the Dutch NGO, including Ethos Foundation, Ostrum Asset Management, Lothian Pension Fund and West Yorkshire Pension Fund.
In its 2026 AGM notice, BP tabled resolution 23 to retire climate-related proposals passed in 2015 and 2019 – proposals backed by BP’s management and more than 90 percent of shareholders. Those resolutions required BP to report annually on operational emissions, public policy positions on climate change, and alignment with the Paris Agreement.
“A vote against resolution 23 is now the most relevant expression of disagreement with BP’s current approach to governance and shareholders’ rights,” the group’s letter said. “We intend to vote accordingly, and we encourage investors who share our concern for shareholder rights and board accountability to consider doing the same. This is, ultimately, a question about whether the commitments a board makes to its shareholders are upheld.”
