February 5, 2015 / 6:20 PM / 4 years ago

BP to urge shareholders to support climate resolution

A BP logo is seen at a petrol station in London January 15, 2015. BP is expected to announce job cuts in its North Sea operations on Thursday, the BBC reported. REUTERS/Luke MacGregor

WASHINGTON (Reuters) - BP Plc said on Thursday it will tell shareholders to back a resolution brought by investor activists calling on the oil major to improve transparency on its climate change risk exposure, following a similar move by Royal Dutch Shell Plc last week.

“We consider the resolution to be non-confrontational, and it gives us the opportunity to demonstrate our current actions and build on our existing disclosures in this area,” a BP spokesman said in an email.

BP will formally tell shareholders to support the measure at an investors meeting on April 16.

Shareholder groups ClientEarth, Share Action and Aiming for A have proposed resolutions that both global energy companies disclose additional information in five areas related to climate change in their annual reports, beginning in 2016.

The investors represent more than £200 billion ($300 billion) in assets.

The groups said they are concerned about the “longer term success of the company, given the recognized risks and opportunities associated with climate change.”

Reporting by Valerie Volcovici, Timothy Gardner and Dmitry Zhdannikov in London. Editing by Andre Grenon

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below