1. BP Shareholders Reject Proposals to Reduce Climate Emissions

    BP Shareholders Reject Proposals to Reduce Climate Emissions

    BP shareholders have voted down proposals for tougher emissions targets, which aims to limit global warming to well below 2C compared to pre-industrial levels. Eighty per cent voted against the measure, which wanted the oil giant to set short-and long-term targets on emissions and its use of energy products. The board had urged shareholders to vote against the proposals, which were put forward by Follow This, an activist investor...

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    1. The board and leadership team believe it is time for the company to focus on execution and delivery, rather than revisit targets and aims, as would be necessitated by the resolution, if passed.
    2. The board welcomes the expression of support from Follow This for BP's net zero ambition, targets and aims and agrees on the need to meet the goals of Paris.
    3. Oil major boards rarely take the initiative to move on their own. The shareholders have to compel them to set targets, and have to support them to attain these targets.
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