Bp Share Discussion Threads

[spacecake] 29/4/2023 13:04

"In the real world we would all die without fossil fuel energy, renewables are dependent on fossil fuels to exist and grow."

This quote from a few post up really made me LOL - the human race are behaving like drug addicts to the oil & gas companies.

Governments around the world have fought resource wars for centuries, they will be fighting over the wind next or invading counties because they are sunny.

[spacecake] 29/4/2023 12:49

The problem with climate change is that when Helge Lund or Looney look out of the office window they can't see it in action, when the Champaign vineyards catch fire due to climate change they might take notice.

[meb123] 28/4/2023 16:39

All this stuff going on from the AGM us just noise. It's the oil price that matters !

[meb123] 28/4/2023 16:38

What a surprise oil up 2% BP up 2%

[pierre oreilly] 28/4/2023 15:55

The climate clan very successfully stop publication of any scientific paper which questions any aspect of climate orthodoxy. Science should always question itself, but in pns, questioning isn't allowed and is censored. Climate research funding only goes to projects which support the climate pms community, and none goes to any scientist who wants to question it.Everyone should be very concerned at the lack of traditional science in climate 'science'.

[pierre oreilly] 28/4/2023 15:44

It's not science using the scientific method, climate hysteria is post normal science, being the antithesis of science. One example of pns in action are the climate models, where they gain authority and influence not by their predicted results (which are incorrect of course), but by their hundreds of millions cost. They even have no requirement to predict the future climate, they are metaphor-like objects of influence. Google Prof mike hulme from the uea, who explains models quite clearly.

[marktime1231] 28/4/2023 11:54

Helge Lund at the AGM:

"Not everyone will agree with every decision we’ve made.

There will always be a range of views.

We are listening to those views."


And Looney:

"We never forget that investing in bp is an act of trust."

[spacecake] 28/4/2023 11:06

Sell Rosneft ? - to who ?
Who on earth would want a slice of the black pits of Mordor ?

[hellscream] 27/4/2023 22:24

sell rosneft for £14 billion and use all that for buybacks, that take care of the greens who want to dump the shares.

[viscount1] 27/4/2023 22:13

Absolute lunatic conspiracy theorist filtered.

[marktime1231] 27/4/2023 21:34

So 1.8 billion votes objecting to the backtrack and 2 billion against remuneration.

I wonder if we will get an AGM statement transcript which acknowledges the significant minority who are unhappy. Too many to ignore or dismiss. The share price will suffer if that volume is dumped, it is already being dragged down by weak oil.

[planit2] 27/4/2023 20:12

It does not seem right that NEST trustees are not voting in the interest of their members but are instead on an ideological mission.

It's easy to vote away someone else's money.


If those same people want to invest their own money and vote to shut the company down I would give them full respect.

In the real world we would all die without fossil fuel energy, renewables are dependent on fossil fuels to exist and grow.

[paulruss1] 27/4/2023 19:44

One of thousands of real scientists who think the know the truth.. Greenpeace Co-Founder, Dr. Patrick Moore:

"The scientific method has not been applied in such a way as to prove that carbon dioxide is causing the Earth to warm."

"I am firmly of the belief that the future will show that this whole hysteria over climate change was a complete fabrication."

[paulruss1] 27/4/2023 19:41

Well done BP. Climate change and zero emissions is total BS ask any scientist who is not controlled by the WEF.

[adrian j boris] 27/4/2023 19:09

BP AGM: Chair Re-Elected, Climate Resolution Fails

Chairman Helge Lund held on to his post at the AGM, while a resolution to align BP to Paris targets was rejected. The meeting was interrupted by a number of protests

James Gard

27 April, 2023 | 5:18PM


5pm update: Resolution 4 was passed by 90% of shareholders, while Resolution 25 was rejected, achieving 16.75% of votes.

Investors in FTSE 100 oil company BP gathered for the company’s annual general meeting (AGM) today, an event held in person in London and online.There were two resolutions of key interest to shareholders. These come after the company recently scaled back its carbon transition targets, without putting the decision to investors. The AGM also comes after a period of record profits for oil majors.

The key resolutions are:

Resolution 4: to re-elect chairman Helge Lund

And:

Resolution 25: to align the company’s Scope 3 emissions reductions targets for 2030 with the Paris Climate Agreement (to limit global warming to well below 2 degrees above pre-industrial levels).
Why is Resolution 4 Controversial?

Five UK pension schemes are planning to vote against Lund’s re-election to register their views on the company’s ESG strategy. A vote against a chair is seen as an escalation to hold directors accountable over its plans (see below).


Who’s Voting Against Lund?

NEST, the UK’s largest pension scheme, plus the Universities Superannuation Scheme (USS), Brunel Pension Partnership, Boarder to Coast Pensions Partnership, and the Local Government Pension Scheme Central.

"If BP continues on this path we have serious concerns about them reaching their net zero goal and the long-term success of the company," NEST said.

"We want to see them investing more in low-carbon solutions and renewables, instead of new oil and gas sites."


What About Resolution 25?

This is separate from Resolution 4.

Dutch climate activist group Follow This, which crowdfunds share purchases to have a say at AGMs like these, has put forward the resolution.


Who’s Against it?

Norway’s sovereign wealth fund, which owns nearly 3% of BP shares, said it will vote against Resolution 25. Institutional shareholders ISS and Glass Lewis are also against it. “The proposal would represent a change in strategy from the one developed by the Board, which implies a potential constraint on the Board to develop and implement strategy," ISS said.


Who’s Backing Resolution 25?

The Local Authority Pension Fund Forum (LAPFF) recommends that investors support the Follow This resolution.


What Are the Rules for Resolutions?

Resolution 4 needs over 50% in favour to push it through, whereas Resolution 25 needs more than 75%, a higher hurdle.


What’s the Morningstar View on Resolution 4?

Lindsey Stewart, Director of Investment Stewardship Research at Morningstar says:

"Many pension funds and asset managers have frequently indicated that they intend to hold specific directors accountable for companies' net-zero strategies this year — this is a good example. In investment stewardship, voting against a company chair is one of the strongest escalations a shareholder can implement. So, there's clearly very deep frustration on the part of the pension funds who intend to vote against Helge Lund's re-election as chair.

"We've seen the rise of 'say-on-climate' votes in the last couple of years at UK and European companies, at which shareholders approve companies' climate strategies and reporting. These votes aren't mandatory, but BP did choose to hold such a vote last year, as did several of its European energy sector peers including Shell, TotalEnergies, Equinor and Repsol. So now, many shareholders are dissatisfied with BP's actions to adopt less ambitious net-zero goals without offering shareholders the opportunity to vote again on the topic."


What Does BP Say?

It’s urging shareholders to vote in favour of all resolutions (1-24), but to reject number 25. "We do not consider it to be in the best interest of the company and its shareholders because it is unclear, it encroaches on the board’s accountability to set the company strategy, and it is simplistic and disruptive," the company said in the note to investors ahead of the AGM.

[viscount1] 27/4/2023 16:19

100% ironically, particularly now that Tucker's lies are public information in a lawsuit.

[geckotheglorious] 27/4/2023 15:41

Viscount
Said ironically? Or you do agree with much of what he says.

His speech at the Heritage Foundation was spot on for me.

"FULL SPEECH: Tucker Carlson’s Last Address Before Leaving Fox News at #Heritage50"

[viscount1] 27/4/2023 15:36

Tucker Carlson, well-known truth teller.

[paulruss1] 27/4/2023 15:24

That's very kind of them. Just putting the whole world in danger.. 🇺🇸🇺🇦The United States is trying to create nuclear weapons in Ukraine

🎙 An American journalist and former Fox News TV host, who recently left his post, in last monologue on the TV channel stated that the United States has “sensitive American nuclear technology” in Ukraine.

💬 “Now we have learned that actually it is far worse than just bio labs. Not only has the Biden Administration been maintaining these labs in Ukraine in the middle of a war. It also has quite sensitive nuclear technology in Ukraine,” Carlson said.

[marktime1231] 27/4/2023 14:15

In this instance I think shareholder dissent is justified, the board has gone back on its word, changed the basis on which some funds were happy to continue to invest. Funds which have their own stakeholders to answer to. They are obliged to press for commitment to ethical promises. Not that there will be enough protest to change BPs course though, but enough maybe to get the message across. In a democracy the minority get to protest too, not just the majority.

And be careful what you ask for. If some hefty funds voted against by suddenly selling off their shares what would it do to your and my and their share price? Unless there is a carefully managed process and a matching buyback programme conducted over an extended period - which is to say, funds which are decidedly fed up with BPs weak green credentials are probably doing what you want. "Owners" are entitled to ask the board to think hard what it means when you set out an acceptable and accepted direction but then abruptly steer hard off course.

The new tack has made my mind up, I have lost trust and will exit at a convenient moment rather than see it through with BP. Meanwhile anyone who wants to protest is fine by me.

[viscount1] 27/4/2023 10:49

As a long term on/off investor in BP and Shell I wish these pension funds would move their money somewhere else rather than all this grandstanding.

BP is an oil and gas company with a large hydrocarbon trading operation. That is the business, and it is a good one, supplying the energy that we all need for heating and transport every day. If you don't like it put your money somewhere else.

[wolansm] 27/4/2023 10:41

The impact bp has on the world is little compared to the Chinese who will use it very drop of coal for power, Putin said a nation would exploit its natural minerals first before moving on, we the British import coal from Russia and Columbia that's ok according to our useless government we will allow that and tax the public. Sometimes we are naive and get pulled down the wrong road. The only way to stop climate change is for everyone to agree and abide by the rule's Russi and China play lip service and the brits believe there words ie last year we are not going to invade. Ukraine then what happened