January 26, 2022

Volume XII, Number 26

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January 25, 2022

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UK Shareholder Activism -- BP Annual General Meeting Resolution Clears Hurdle

The resolution proposed by the “Aiming for A” shareholder coalition at BP’s AGM on 16 April 2015 has been passed with over 98% of votes cast.  The resolution requires increased annual reporting relating to climate change risks and makes the link to related KPIs and executive incentives.  For more details see Resolution 25 and Appendix 4 in BP AGM notice.

A similar resolution (also supported by the Board) has been proposed for the Shell AGM on 19 May 2015 –  Resolution 21 in AGM notice.

The “Aiming for A” coalition includes members of the Local Authority Pension Fund Forum and the Church Investors Group and announced last year that the next stage of their capital stewardship phase would involve proposing resolutions at the BP and Shell AGMs in 2015.

The strong support shown for this resolution looks like a green light for this kind of stewardship initiative, so watch this space…

 

© Copyright 2022 Squire Patton Boggs (US) LLPNational Law Review, Volume V, Number 108
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About this Author

Lawrence Green, Squire Patton Boggs, UK, Labor Consultant
Consultant

Lawrence Green specialises in providing advice to clients in relation to employee share incentive arrangements. His expertise includes advising clients on the design of such arrangements and assisting with successful implementation of the chosen structure. Lawrence advises a wide variety of clients from multinational and FTSE 100 companies through to smaller private entities. Lawrence is a member of the Share Plan Lawyers group and is a member of the Triathlon England Management Board.

44 121 222 3394
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