Investors call for vote on any BP rowback on climate goals

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BP Shareholders Seek Vote on Fundamental Reset of Strategy

A group of four dozen institutional investors that hold a combined 2.5% stake in BP are urging the supermajor to put to vote any fundamental reset of its strategy that could include easing its climate targets, the Financial Times reported on Wednesday, citing a letter from the 48 investors it had seen. “BP has previously offered a shareholder vote on its transition strategy and we expect a similar level of accountability to be maintained for fut…

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Investors call for vote on any BP rowback on climate goals

Shareholders in potential clash with US activist Elliott over direction of oil major

efeverde.com

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London, Feb 19 (EFEverde).- A group of 48 institutional investors has asked BP to allow shareholders to vote on any plan it has to reduce its climate change targets, reports Financial Times (FT). The British newspaper says this demand, made in a letter before the directive presides over a meeting next week, could cause a clash with the US "activist" fund Elliott Management, which presses for improved profitability of the company. According to th…

perspectivemedia.com

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BP investors demand vote on any plans to scrap climate goals

The oil giant is expected to go back on a promise to reach net zero carbon emissions by 2050 at a strategy meeting next week. Nearly 50 major investors in BP have called on the oil giant to let them vote on potential plans to scrap its climate goals. BP is holding a strategy meeting next week where it is widely expected to pull back from renewable energy promises, which have made less money than expected in recent years. Instead, the company is …

Recharge | Renewable Energy News

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BP battle lines drawn as investors demand vote over green shift

Influential shareholder group calls for vote before any significant reversal of climate strategy, it is reported

Hedgeweek

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Elliott facing potential showdown with BP institutional investors

BP is at the centre of a growing battle between activist hedge fund Elliott Management and a group of institutional investors, as tensions rise over the oil major’s climate strategy and capital allocation, according to a report by the Financial Times. Elliott, which has built a nearly 5% stake in BP, is pressuring CEO Murray Auchincloss to divest major assets, including some of its green energy portfolio, in an effort to boost returns. The hedge…