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BP shareholders vote against resolution calling for review of its Canadian oil sands investment project

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15 April 2010

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"

Author: FairPensions

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]

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15 April 2010

BP brushes off investor revolts on tar sands, pay

Author: Tom Bergin, Reuters

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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