Tar Sands Campaign Update
This AGM season, ShareAction co-ordinated two shareholder resolutions, asking BP and Shell to publish details of the environmental, social and financial risks associated with their tar sands projects. The resolution was discussed by BP shareholders on 15th April and by Shell shareholders on 18th May.
Greenpeace worked with ShareAction to mobilise thousands of people to take action. The Shell AGM saw 1 in 10 shareholders refusing to heed the company's recommendation to vote against the resolution, just weeks after 1 in 7 investors in BP (controlling £10 billion in the company's stock) refused to back management on tar sands. These results come despite a massive charm offensive by both companies' "investor relations" teams.
Looking to the future, several major investors have come out and said publicly that they will be pressing BP and Shell for a much greater level of transparency on tar sands. In turn, ShareAction will be working with pension funds and fund managers to ensure that this kind of scrutiny is indeed maintained, not only on tar sands but also on other environmental, social and governance issues.