LAPFF Backs Shareholder Resolution Demanding Capital Discipline at BP as Climate Risks Escalate
LAPFF Backs Shareholder Resolution Demanding Capital Discipline at BP as Climate Risks Escalate.
LAPFF is backing a shareholder resolution calling for greater capital discipline at BP, amid rising concerns that the company’s strategic shift toward increased oil and gas production is heightening long‑term financial and climate risks. The Forum is recommending votes against the BP Chair and several board‑supported measures, citing weakened governance, reduced transparency, and attempts to roll back previously agreed climate‑disclosure commitments.
“At a time when the physical repercussions of failing to address planetary heating hit home, expanding high-cost fossil fuel investment without clear evidence of discipline or competitiveness is a material risk to long-term savers. Robust corporate governance underpins a credible climate transition, translating ambition into action. We will not accept roll-backs on climate plans, which drive escalating emissions and the potential for long-term value destruction. […] BP appears to be dismantling climate accountability at precisely the moment when transition risks, are accelerating. This is not responsible stewardship of a systemically important energy company.”
Cllr Doug McMurdo, Chair of LAPFF