Investor advisories ISS and Glass Lewis recommended BP shareholders oppose a climate resolution filed by activist group Follow This at the company’s annual general meeting later this month.
Follow This said in December it had co-filed resolutions with six major institutional investors managing USD 1.3 trillion in assets ahead of the annual general meetings of BP, Chevron , Exxon Mobil and Shell.
Follow This wants the firms to commit to absolute carbon emissions cuts by 2030 in line with the Paris climate deal.
Those include emissions from the combustion of the fuels they sell, known as Scope 3 emissions, which account for the majority of emissions.
“The proposal would represent a change in strategy from the one developed by the Board, which implies a potential constraint on the Board to develop and implement strategy,” ISS said in a note to investors.
In February BP rowed back on plans to slash oil and gas output and emissions and will not offer shareholders a vote on its climate strategy as it did last year when they backed it.
Britain’s Local Authority Pension Fund Forum (LAPFF) this month also recommended investors oppose the Follow This resolution.
