A coalition of major City investors have emerged as key players in forcing BP to be more transparent in how it fights climate change. Investors holding just under a tenth of all BP shares, equivalent to more than £10bn in value at Monday’s prices, put their names to the shareholder resolution, to be voted on at the company’s annual meeting next week, the Climate Action 100+ investor group revealed on Tuesday. The resolution is thought to represent the strongest level of support for a climate-related resolution at a major publicly listed company. Under the Climate Action 100+ resolution, BP will have to provide a detailed strategy on how it will comply with the Paris agreement, the global deal reached in 2015 on climate change that aims to limit global warming to only 1.5ºC above pre-industrial levels. Seven of the top 20 BP shareholders co-filed the resolution, including the UK’s biggest asset manager, Legal & General Investment Management, as well as Aviva Investors and M&G Investments. Other major investors who signed up to the resolution included Royal London Asset Management, Schroders, UBS Asset Management, Jupiter Asset Management and the pension funds of the churches of England, Scotland and Wales. Steve Waygood,… Read full this story
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