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BP brushes off investor revolts on tar sands, pay

Author: Tom Bergin, Reuters, Published on: 15 April 2010

Oil major BP on Thursday easily beat off challenges to a Canadian oil sands project and to its executive pay policy…94 percent of shareholders who voted in advance of the annual meeting rejected a call to review its Sunrise project to squeeze crude from Alberta's bitumen-drenched soil. A group of shareholders including California Public Employees' Retirement System (CalPERS), ethical investor Co-operative Investments and a raft of environmental groups tabled the resolution…The oil major also feared that being forced to publish a review of how it decided to invest in Sunrise, a joint venture with Canada's Husky Energy…could set a dangerous precedent which would complicate future investment decisions.

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Related companies: BP Co-operative Group Shell