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Article

15 Apr 2010

Author:
FairPensions

BP AGM vote on tar sands - results and reactions: significant numbers support or abstain on tar sands resolution, investors say BP "carried the vote but not the argument"

Reacting to the outcome of a special resolution…on BP’s controversial plans in the Canadian tar sands…investors who proposed the resolution at the company’s AGM in London today pointed out that 15% of shareholders either supported the resolution or abstained…BP made its first disclosures about its strategic and pricing assumptions on tar sands investment as a result of the resolution process, many large investors – including institutions which supported management or abstained – agree that the company has still not provided sufficient assurance that tar sands plans are financially robust, and that the greater level of transparency called for in the resolution is still required. The resolution…was filed by FairPensions and the Co-operative Asset Management…[also refers to F&C Asset Management]