Investors challenge BP and Shell disclose business risks associated with climate change
A coalition of more than 150 major investors including more than 40 clients of Rathbone Greenbank Investments, UK and US local authorities and the Church of England today filed a resolution requiring BP to disclose risks associated with climate change. Shareholders can vote for the resolutions at BP and Shell’s annual general meetings, scheduled for April and May respectively.
The shareholders are calling upon BP and Shell to transparently:
1.Stress-test their business models against the requirement to limit global warming to 2ºC, as agreed by governments at the UN Climate Change Conference in 2010;
2.Reform their bonus systems so they no longer reward climate-harming activities
3.Commit to reduce emissions and invest in renewable energy.
4.Disclose how their public policy plans align with climate change mitigation and risk
Co-filers ShareAction, ClientEarth helped the Aiming for A coalition coordinate filing of the resolutions. The same group, which includes major investors, asset managers and insurers, filed a similar resolution with Shell last month.
Catherine Howarth, chief executive, ShareAction said: “We welcome the leadership shown by this international list of investors in BP and Shell, in a crucial year for climate change decisions and diplomacy. Millions of pension savers worldwide will want their pension funds to vote in support, demonstrating true commitment to protecting their members from the risks of climate change. These resolutions put the global investment community to the test on climate change.”
