BP P.L.C. | Vote on Resolution 23 at BP P.L.C.

Status
Filed
AGM date
Previous AGM date
Proposal number
23
Resolution details
Company ticker
BP
Submitted by
-
Resolution ask
Other ask
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Other management proposal or proxy item
Filer type
Management
Company sector
Energy
Company HQ country
United Kingdom
Supporting materials
Resolved clause
Revocation of resolution 25 (2015) and resolution 22 (2019): To revoke both resolution 25, passed at the company’s annual general meeting held in 2015 and resolution 22, passed at the annual general meeting held in 2019 such that they cease to apply and have effect from the conclusion of the annual general meeting.
Supporting statement
BP AGM note:
Revocation of resolution 25 (2015) and resolution 22 (2019)
The board recommends you vote FOR the revocation of both resolution 25 passed at the company's annual general meeting held in 2015 and resolution 22 passed at the annual general meeting held in 2019 (Resolutions). These both specify certain additional climate-related disclosures required to be made by bp. As the Resolutions were passed as special resolutions, they are currently part of the company's constitution and consequently continue to bind bp.

These Resolutions have been largely superseded by significant developments in mandatory disclosure frameworks, which seek to
provide clear and comparable climate-related financial and nonfinancial reporting, and also predate the announcement of bp’s net
zero ambition. The board believes revocation is in shareholders’ best interests, while reaffirming bp’s commitment to material, comparable disclosures and its net zero ambition.

New mandatory financial and non-financial climate-related reporting requirements have increased the volume of information companies are required to publish – most significantly with the introduction of reporting against the Task Force on Climate-related Financial Disclosures’ (TCFD) Recommendations, and Recommended Disclosures introduced for listed companies in the UK by the UK’s Financial Conduct Authority in 2021 and the introduction of climate-related financial reporting requirements into the UK Companies Act 2006 in 2022.

This growing volume of disclosure obligations is expected to continue, with additional requirements planned, such as the UK Sustainability Reporting Standards based on the International Sustainability Standards Board (ISSB) Standards.

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Rathbones Group PlcAgainstWe do not consider the Board's argument that the prior resolutions
detract from the clarity of reporting and standardised disclosures to constitute a sufficiently compelling case to offset the concerns for 'retiring' the relevant disclosures. The wording of the 2019 resolution crucially links the Group's climate reporting to the Paris Agreement and should be preserved.
VidaCaixaAgainst
Rothschild & co Asset ManagementAgainst
Lothian Pension FundAgainstConcerns of bundling of two separate shareholder‑approved resolutions, and the risk that their revocation would reduce transparency about company’s long‑term financial
resilience, transition strategy, and capital allocation.

DISCLAIMER: By including a shareholder resolution or management proposal in this database, neither the PRI nor the sponsor of the resolution or proposal is seeking authority to act as proxy for any shareholder; shareholders should vote their proxies in accordance with their own policies and requirements.

Any voting recommendations set forth in the descriptions of the resolutions and management proposals included in this database are made by the sponsors of those resolutions and proposals, and do not represent the views of the PRI.

Information on the shareholder resolutions, management proposals and votes in this database have been obtained from sources that are believed to be reliable, but the PRI does not represent that it is accurate, complete, or up-to-date, including information relating to resolutions and management proposals, other signatories’ vote pre-declarations (including voting rationales), or the current status of a resolution or proposal. You should consult companies’ proxy statements for complete information on all matters to be voted on at a meeting.