Follow This targets BP over climate disclosures
A group of European investors led by activist shareholder Follow This has intensified pressure on BP, urging the energy giant to maintain its climate-reporting commitments and warning shareholders to vote against proposed changes at its upcoming annual meeting.
The investor coalition, which collectively manages around $1 trillion in assets, includes pension funds such as Bernische Pensionskasse and the West Yorkshire Pension Fund, News.Az reports, citing Reuters.
The group is challenging a BP-backed proposal that would roll back climate-related commitments introduced in 2015 and 2019. These policies require:
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- detailed climate strategy disclosures
- emissions reporting
- linking executive pay to climate performance
To remove these commitments, BP would need approval from at least 75% of shareholders at its AGM later this month.
Follow This also warned it may take legal action after BP declined to place a separate shareholder resolution on the agenda for its April 23 annual general meeting.
That resolution, backed by investors holding a combined 0.27% stake, calls for BP to disclose its long-term strategy under scenarios of declining oil and gas demand.
The group said it had given BP a deadline to include the resolution and is now reviewing legal options after the company refused.
BP defended its position, arguing that existing climate disclosure requirements have been largely replaced by standardized regulatory frameworks that already provide comparable data.
A company spokesperson said BP is focused on building a “simpler, stronger and more valuable BP” and believes its updated reporting approach improves transparency and comparability across the industry.
BP also disputed claims from Follow This that the resolution met the threshold for inclusion on the AGM agenda.
Follow This has a history of pushing major oil companies to adopt stronger energy-transition strategies through shareholder resolutions.
The group is also preparing a similar proposal for Shell ahead of its AGM scheduled for May 19.
Shell has not yet published its agenda, leaving investors waiting for its response.
By Aysel Mammadzada
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