Walden Asset Management and some 125 U.S., Canadian and U.K. investors filed a shareholder resolution with BP PLC, calling on the company to report how it "analyzes and takes steps to control significant risks to shareholder value from operating in environmentally or culturally sensitive areas” worldwide.
BP has announced it would like to drill in Alaska’s North Slope, including the Arctic National Wildlife Refuge, which is currently off limits. Congress is set to debate whether to open the area for drilling.
Timothy Smith, Walden senior vice president, said BP "has shown great sensitivity” to such issues and already provided impact assessments. "We are asking them to look more seriously,” he said. Walden owns 246,360 ordinary shares of BP and 456,000 American depository receipts; an ADR is equivalent to six ordinary shares.
Mr. Smith said BP has indicated it will not object to including the resolution in its proxy. BP officials couldn’t be reached for comment.
BP shareholders will vote on the resolution at its annual meeting in the spring.
