BP

Frying in Hell and Investing in Oil Companies

Last night and this morning, the national media were dominated by the news from the Intergovernmental Panel on Climate Change that we are all going to fry in a rapidly rising world temperature unless we change our ways. CO2 emissions continue to rise and even to limit temperature rises to 1.5 degrees Celsius requires unprecedented changes to many aspects of our lives. The suggested solutions are changes to transport to cut emissions, e.g. electric cars, eating less meat, growing more trees, ceasing ...

BP PLC Remuneration Policy – ShareSoc’s comments prior to the AGM

In preparation to BP’s AGM tomorrow (17th May 2017), ShareSoc's Remuneration spokesman has prepared this post on the company’s remuneration policy and many other issues. Overall, the changes proposed by the Company,should be considered positive. The discontinuation of the matching share awards and simplification is particularly welcomed, as is the downward discretion applied by the remuneration committee during the year to reduce pay. However, even after the reduction Dudley’s aggregate incentive forward-looking opportunity could still be deemed to be excessive at 725% of ...

BP – Pay Cut or Downward Discretion

I seem to be spending a lot of time talking about pay at companies of late. It would be better if we could concentrate on more important matters, like their strategy, the lack of productivity in UK companies, how they are revising their plans to cope with Brexit and exchange rate changes, and all those other matters that affect shareholder returns. But it seems everyone wants to talk about pay. So here's the latest story. The BP Annual Report has been published ...

BP Remuneration Vote Lost

BP had 59% of shareholders voting AGAINST the Remuneration Resolution at their Annual General Meeting (AGM) on 14/4/2016 (and that's ignoring the abstentions which some institutions like to use to express dissatisfaction). This is what the Chairman had to say even before the vote was cast: "We know already from the proxies received and conversations with our institutional investors that there is real concern over the directors' pay in this challenging year for our shareholders. We have always judged executive performance not ...

BP and Shell facing climate change resolutions

Both BP and Shell are likely to face resolutions at their next AGMs which will raise the issue of climate change. A coalition of investment groups including ShareAction and the Local Authority Pension Fund (LAPF) are looking for signatories to a requisition for a resolution to require more reporting by these companies on various aspects of their approach to carbon reduction and emissions management. See http://www.lapfforum.org/news/co-filers-sought-for-2015-shell-and-bp-agm-resolutions for more information. Comment: Some investors feel that the Annual Reports of such companies are already ...

BP Annual General Meeting Report

With the AGM season now in full swing, it's worth pointing out that ShareSoc makes available many useful reports on such meetings. These are available to all ShareSoc subscribing members in an archive on our Members Network. Below is an abbreviated sample of one by ShareSoc Chairman Stan Grierson on last weeks meeting of BP.THE BP AGM 2014As always BP’s AGM is both the first and one of the biggest of the season, and took place at the ExCel Centre on ...