Oil giant BP has announced that it is recommending investors support a shareholder proposal on climate change, following the move of Royal Dutch Shell who last week issued a statement in favor of a similar shareholder proposal. The proposals are part of the “Aiming for A” campaign supported by a group of international investors seeking greater disclosure around climate change. CBIS was a co-filer of the shareholder resolutions at both BP and Shell as part of a coalition of 53 institutional investors from the U.S. and Europe. CBIS is pleased with BP and Shell’s commitment to implement the resolutions: “Their support demonstrates what can be achieved through engagement,” said Julie Tanner, Assistant Director, Catholic Responsible Investing at CBIS. “It also highlights the value of global investor coalitions to achieve corporate change. We appreciate the responsiveness of these two landmark decisions and look forward to analyzing the reports upon their release”
BP and Shell are expected to issue reports and share their plans to address global concerns regarding fossil fuels and their contribution to climate change. The reports will likely include information about greenhouse gas emissions, research and development on low-carbon alternatives, and their executive incentives and public policy positions relating to climate change.
“The success of these resolutions is significant for a number of other reasons, as well,” noted Dan Nielsen, Director of Catholic Responsible Investing at CBIS. “Our participation and leadership ensured that this was a global effort and helped galvanize other U.S. investors to join, including Connecticut Retirement Plans and Trust Funds, Vermont Pension Investment Committee, The United Church of Christ, Trinity Health, and Dignity Health. Faith investors from the US and UK were well represented, making up 35% of the filers,” he stated. “It is quite uncommon for a company to support a shareholder proposal. In the past 15 years, only Newmont Mining and Tyco have supported CBIS resolutions.”