A game changing day for the oil industry - BP shareholder resolution passed

April 16, 2015: Today, BP shareholders passed Resolution 25 at their annual general meeting; a supportive but stretching resolution which encourages BP to participate constructively in the transition to a low carbon economy. 

The proposal of these resolutions at BP and Royal Dutch Shell’s 2015 annual general meetings follows a period of continuous active engagement with these companies by the "Aiming for A" coalition. In the run up to BP’s AGM Resolution 25 received the public support of numerous investors globally. Swedish investors included AP2, AP3, AP4, KPA and Folksam.

Following the vote, Paul Dickinson, Chairman of CDP commented: “This is a game changing day. The way that BP’s management and shareholders have come together to pass a resolution of this kind is unprecedented. It represents a major change in attitude in one of the biggest companies on the FTSE 100, with one of the highest carbon footprints – a recognition that major commitments are needed in order for companies to respond and adapt to the climate change challenge. I look forward to seeing a similar acknowledgement of climate change risks at Shell’s AGM in May.”

Formed in 2011/12, the "Aiming for A" coalition’s goal is to ask 10 major UK-listed extractives and utilities companies to demonstrate good management of the strategic carbon challenge they face by aiming for continuous inclusion in CDP’s Climate Performance Leadership Index (CPLI). This requires achieving a CDP “A” performance band.

Full text of the BP resolution

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About CDP. CDP, formerly Carbon Disclosure Project, is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP works with market forces, including 822 institutional investors with assets of US$95 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. CDP now holds the largest collection globally of primary climate change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions. Please visit www.cdp.net or follow us @CDP to find out more.

Press contacts CDP: 

Ashleigh Lezard // Communications manager // + 44 (0) 7811 428030, ashleigh.lezard@cdp.net Alex Farquharson // Communications executive // +44 (0) 7817 948 076, alex.farquharson@cdp.net