TIDMBP.
RNS Number : 7985O
BP PLC
01 February 2019
press release
1 February 2019
BP to support investor group's call for
greater reporting around Paris goals
-- BP Board to support resolution from Climate Action 100+ investors at AGM
-- Resolution calls for BP to describe how company strategy is consistent with Paris goals
-- Builds on BP's commitment to growing shareholder value while advancing energy transition
-- BP has also incorporated emissions reductions as a factor in employee reward
BP said today that it will support a call from a group of
institutional investors for the company to broaden its corporate
reporting to describe how its strategy is consistent with the goals
of the Paris Agreement.
Investor participants of the Climate Action 100+ initiative have
proposed a resolution to be put to shareholders at the company's
annual general meeting in May 2019. Following constructive
engagement between BP and the investors, the BP Board has decided
to support the proposed resolution.
BP has supported the aim of the Paris Agreement, with its call
to rapidly reduce greenhouse gas emissions in the context of
sustainable development and eradicating poverty, since it was
agreed in 2015.
In accordance with the proposed resolution BP will describe how
its strategy is consistent with the Paris goals, as well as setting
out a range of additional related reporting. Full details can be
seen in the proposed resolution here. The process to formally
submit the resolution is being finalised and BP intends to provide
shareholders with a more detailed explanation of its support for
the resolution in the notice of meeting ahead of the AGM.
Helge Lund, BP's chairman, said: "BP is committed to helping
solve the dual challenge of providing more energy with fewer
emissions. We are determined to advance the energy transition while
also growing shareholder value. We believe our strategy is
consistent with the Paris goals. The additional reporting specified
in the resolution will build on BP's history of progressive action
in this area. We welcome the constructive engagement with Climate
Action 100+ and, after careful consideration, have decided to
support this resolution."
Advancing BP's approach
BP's approach to the energy transition is grounded in the
experience it has gained since it first called for action on the
threat of climate change over 20 years ago. In 2017 it set out a
strategy designed to grow shareholder value under a range of
scenarios while also helping to meet the dual challenge of
providing more energy with fewer emissions. Last year BP introduced
the 'reduce-improve-create' framework, through which it intends to
deliver its low carbon ambitions, including clear near-term targets
for emissions from operations.
"This additional reporting will give investors better clarity
about how BP can continue to deliver value through the energy
transition in a way consistent with the Paris goals," Lund added.
"We will be open and transparent about our ambitions and targets as
well as our progress against them. We recognise that the trust of
our shareholders, and society more widely, is essential to BP
remaining an attractive and reliable long-term investment. And only
by remaining a world-class investment can we most effectively play
our part in advancing a low carbon future."
If the resolution is approved at the AGM, BP will introduce
these changes into its reporting for 2019 onwards. BP and
institutional investors supporting Climate Action 100+ will
continue their dialogue and revisit the resolution every three to
five years, to allow the company and its shareholders to take
account of the experience gained and changes in circumstances.
Emissions reductions included in employee reward worldwide
Separately, BP today also announced that greenhouse gas (GHG)
emissions reductions have now been included as a factor in the
reward of 36,000 employees across the Group and around the world,
including executive directors.
In 2018 BP introduced a target to achieve 3.5 million tonnes of
sustainable GHG emissions reductions in its operations worldwide by
2025. Progress towards this target has now been incorporated into
the assessment of the Group's performance that is a factor in
determining annual bonuses for BP staff worldwide. This will apply
to the assessment of BP's performance in 2019.
"Meeting the world's growing demands for energy while also
greatly reducing emissions will require more than rapidly growing
renewables - all forms of energy must be made cleaner, better and
kinder to the planet. This is why our people are already in action
across BP, seeking opportunities to reduce our emissions, improve
our products and create new low carbon businesses," said Bob
Dudley, BP group chief executive.
"Building an emissions reduction target into the reward of
people throughout BP further underlines the importance we place on
this work. We expect it will catalyse even more ideas and activity
and support BP playing our part in addressing the dual
challenge."
BP does not support other resolution
BP also confirmed today that it has received a shareholder
resolution for its AGM, submitted by shareholders organised by the
group Follow This. After consideration, the BP Board has decided
not to support this resolution. The Board will provide its response
in the notice of meeting.
Notes to editors:
-- The proposed resolution, which has yet to be formally
submitted to BP and is subject to qualifying shareholder support,
requires BP to describe its strategy which the Board considers is
consistent with the goals of Articles 2.1(a) and 4.1 of the Paris
Agreement.
-- Climate Action 100+ is an initiative representing more than
300 investors with over $32 trillion in assets under management,
including some of BP's largest investors.
-- A press release from the Climate Action 100+ investors can be seen at:
http://www.iigcc.org/press/press-release/leading-investors-welcome-bp-backing-of-shareholder-resolution-on-climate-c.
-- The full proposed resolution and the proposers' supporting statement can be seen at:
http://www.iigcc.org/files/publication-files/BP_Climate_Action_100%2B_shareholder_resolution__supporting_statement.pdf
-- Further details on BP's strategy can be seen here: https://www.bp.com/en/global/corporate/what-we-do/our-strategy.html
-- Further details on 'Advancing the energy transition' - BP's
approach to delivering its low carbon ambitions and the targets it
has set, can be seen here:
https://www.bp.com/en/global/corporate/sustainability/climate-change.html
-- BP is a member of the Oil and Gas Climate Initiative (OGCI)
which also supports the Paris Agreement. Further information can be
seen here: https://oilandgasclimateinitiative.com/
Further information:
BP press office, London: +44 (0)20 7496 4076, bppress@bp.com
Cautionary statement:
This document contains certain forward-looking statements - that
is, statements related to future, not past events and circumstances
- which may relate to the ambitions, aims, targets and intentions
of BP - as well as statements related to the energy transition.
Forward-looking statements involve risk and uncertainty because
they relate to events and may depend on circumstances that will or
may occur in the future and are outside of the control of BP.
Actual results or outcomes may differ from those expressed in such
statements, depending on a variety of factors including those set
out under "Principal risks and uncertainties" in our second quarter
and half year 2018 group results for the period ended 30 June 2018
and "Risk factors" in BP Annual Report and Form 20-F 2017 as filed
with the US Securities and Exchange Commission.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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