APG adds support to BP climate change resolution

Reuters News
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Posted: Apr 08, 2015 7:30 AM

LONDON (Reuters) - Dutch pension scheme APG was among a group of investors to pledge support on Wednesday to a planned resolution on "climate change resilience" at oil giant BP's upcoming annual general meeting.

The shareholder-led resolution, which is supported by the company, calls for more openness around issues such as emissions management, the company's plans for low-carbon research and its public policy positions relating to climate change.

Initially proposed by a range of pension schemes, faith groups and charities, the resolution will be put to the vote at BP's annual general meeting (AGM) on April 16 and needs backing from 75 percent of votes cast to be passed.

A similar resolution has been proposed for the AGM of sector peer Royal Dutch Shell and supported by the company ahead of its AGM on May 19.

As well as APG, other fresh supporters included French fund firm Amundi, British peer Kames Capital and German investment manager Union Investment, a statement from shareholder pressure group ShareAction said.

They join the likes of U.S. pensions giant Calpers, British fund firms Schroders and Aviva Investors and Finnish fund Ilmarninen, which are among the groups to have already backed the resolution.

"Structural changes in the energy markets, resulting from policy decisions and technological breakthrough, can alter the long-term outlook for energy companies," said Erik Jan Stork, Senior Sustainability Specialist at APG.

"We expect BP and other energy companies to take account of these changes in developing their long-term business strategies."

(Reporting by Simon Jessop; Editing by Mark Potter)