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BP facing three AGM resolutions

April 2001

BP will be faced with three shareholder resolutions on social and environmental issues at its London AGM on 19 April.

The resolutions - on climate change strategy, policy towards oil exploration in the Arctic and disinvestment from the state-owned PetroChina company - have been lodged by a coalition of non-governmental organizations and social investors including Greenpeace, the Free Tibet Campaign and Trillium Asset Management, a US fund manager that holds more than $5million (£3.5m) of BP stock.

BP attracted criticism from various quarters - including Jacqueline Aloisi de Lardarel, head of the United Nations Environment Programme - after initially rejecting the resolutions because their wording was imprecise.

Stuart Bell, research director at Pensions and Investment Research Consultants, claimed the rejection had ‘thrown into question the company’s own statements about its commitment to social responsibility.’

BP said the company had wanted to make sure lobby groups did not dominate the meeting. ‘We were not trying to stop the debate at all. We just want to make sure everybody is on an equal footing.’




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