BP Shareholders Vote for Climate Resolution

   By Maitane Sardon 
 

Shareholders of BP PLC (BP.LN) on Tuesday supported a climate resolution filed by investors that calls for the oil-and-gas company to set a business strategy consistent with the goals of the Paris Climate Agreement.

The binding resolution, co-filed by shareholder group Climate Action 100+, won the support of 99.14% of the votes.

However, a second resolution by activist investor Follow This, which requested that BP set targets for its indirect emissions, only received 8.35% of the votes. BP had previously called its shareholders to reject Follow This's resolution.

"The scale of support for the Climate Action 100+ resolution sends a clear message that investors expect companies to act on climate change," said Stephanie Pfeifer, a member of the Climate Action 100+ global steering committee and CEO of the Institutional Investors Group on Climate Change.

She said investors will pay close attention to BP's next steps and expect to see evidence that BP's future investment is consistent with the goals of the Paris Agreement.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

May 21, 2019 10:59 ET (14:59 GMT)

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