BP PLC, London, on Friday endorsed a shareholder proposal filed at the company by a group of global pension funds and other institutional investors, calling for more disclosure by the company on climate risk.
The BP “board has considered the resolution and will recommend that shareholders support it” at BP’s annual general meeting April 16, a statement from the company said.
“The resolution response will be formally included in the notice of meeting, (which contains proposals and) which is due out in advance of our (meeting). The resolution is non-confrontational and gives us the opportunity to demonstrate our current actions and build on our existing disclosures in this area.”
The proposal was co-filed Jan. 21 by a group that includes the $29.4 billion Connecticut Retirement Plans & Trust Funds, Hartford; the Montpelier-based Vermont Pension Investment Committee, which oversees $4 billion in assets of three state retirement systems; and Christian Brothers Investment Services.
Royal Dutch Shell PLC, based in The Hague, Netherlands, on Jan. 29 endorsed a similar shareholder proposal at the company filed in December by many of the same members of the group of global pension funds and other institutional investors.
“BP and Shell’s support demonstrates what can be achieved through engagement,” said Julie Tanner, assistant director, Catholic responsible investing at CBIS, said in an e-mail Friday. “It also highlights the value of global investor coalitions in achieving corporate change. While transparency is a critical step on the road to better long-term performance, the hard work continues — making sure the companies issue quality reports.”