{"id":3558,"date":"2015-12-31T20:07:51","date_gmt":"2015-12-31T20:07:51","guid":{"rendered":"https:\/\/cbisonline.com\/us\/?post_type=cri_updates&#038;p=3558"},"modified":"2021-11-16T11:10:55","modified_gmt":"2021-11-16T11:10:55","slug":"bp","status":"publish","type":"cri_updates","link":"https:\/\/cbisonline.com\/us\/cri_updates\/bp\/","title":{"rendered":"BP"},"content":{"rendered":"<p>In April 2017, CBIS led a meeting of BP executives and the Chair of the Board\u2019s Remuneration Committee in March (with another follow up meeting in April 2017), and invited a coalition of investors from three countries, representing over $6 trillion AUM, to join us to:<\/p>\n<ul>\n<li>Discuss executive remuneration incentives for the transition to a lower-carbon business model,<\/li>\n<li>Request an analysis of the risks\/opportunities under a 2\u00b0 C and 1.5 \u00b0 C business environment,<\/li>\n<li>Encourage the company to add board members that had more \u201cnew economy\u201d experience like technological disruption, venture capital, and innovation development, in order to be successful in a shift in business model, and<\/li>\n<li>Raise concerns about recent strategies, incentives and energy models that do not align with the Paris Agreement goals.<\/li>\n<\/ul>\n<p>We joined an SRI presentation in December 2016 via video and asked executives to discuss carbon pricing, whether it is realistic for nations to hit a two degree emissions target, stemming from the Paris Agreement, and BP&#8217;s outlook on the issue. CBIS has also been focused on collaborating with EU and UK investors to press the company on executive remuneration incentives that are aligned with a two-degree transition pathway, and plan to dialogue more in the spring on our vote against the compensation plan if such issues are not addressed.<\/p>\n<p>In April 2015, a resolution that CBIS co-filed at BP asking the company to outline steps it is taking in the transition to a low carbon economy received a near unanimous vote of 98% in favor, in addition to support from the company. The results demonstrate the strength of shareholder interest in assessing climate impact along with company performance.<\/p>\n<p>On November 13, 2015 BP held an investor webinar to share its progress implementing the resolution. CBIS asked the company to set company-wide greenhouse gas emissions reduction goals. Without external targets, it is difficult for investors to understand how the company is reducing risk and preparing for a carbon-constrained future. We also encouraged the company to share more information on steps it is taking with respect to research and development of low carbon alternatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In April 2017, CBIS led a meeting of BP executives and the Chair of the Board\u2019s Remuneration Committee in March (with another follow up meeting in April 2017), and invited a coalition of investors from three countries, representing over $6 trillion AUM, to join us to: Discuss executive remuneration incentives for the transition to a [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"issues":[16,59],"class_list":["post-3558","cri_updates","type-cri_updates","status-publish","hentry","issues-climate-change","issues-care-for-creation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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