The Independent | Green investors are urging other shareholders to challenge BP over what they say is an attempt to weaken its climate transparency.
The group of 12 investors, led by Dutch activist group Follow This, have accused the oil major of seeking to cut the amount of climate-related information that it has to share.
Ahead of its annual general meeting (AGM) this month, the company has put forward a proposal to repeal two previous climate resolutions that shareholders backed in 2015 and 2019.
These have since required BP to report detailed climate-related information to investors, such as its management of planet-heating emissions, low-carbon investments, and how its strategy and capital expenditure align to UN climate goals.
Mark van Baal, founder of Follow This, said: “If BP would be reporting what is in the resolutions, why scrap them?” He added that losing the requirement to disclose its Paris-aligned strategy would be “the most significant casualty”.
In an open letter to the board on Thursday, Follow This shared its ongoing concerns over shareholder rights and board accountability.
“Transparent disclosure of how BP would navigate declining demand scenarios is therefore essential not only for assessing company-level resilience, but also for understanding risks to shareholders’ diversified holdings,” it read.
