CalPERS writes to fellow BP shareholders urging support for climate resilience resolution

The California Public Employees Retirement System (CalPERS), the largest US public pension fund at $301bn (€278bn), has urged fellow shareholders in BP to vote for the ‘Aiming for A’ climate resilience resolution at the oil giant’s annual meeting next month.

CalPERS, which owns around 56.5m shares in the company, has issued a filing to the Securities and Exchange Commission (SEC) in which it declares its support for the resolution filed by a coalition of asset owners assembled by CCLA Investment Management. The company itself is supporting the proposal. Rival Shell is also backing an identical proposal the coalition has filed for its AGM in May.

“The resolution is asking the company to report on the risks and opportunities associated with climate change through routine annual disclosures. The resolution highlights five specific areas,” CalPERS notes.These include: ongoing operational emissions management; asset portfolio resilience to post-2035 scenarios; low carbon energy R&D and investment strategies; strategic KPI’s and executive incentives; and public policy interventions.

“CalPERS believes companies should provide accurate and timely disclosure of environmental risks and opportunities associated with climate change. We welcome BP’s support of resolution #25,” says Anne Simpson, Director of CalPERS Global Governance, in the letter. Questions should be directed to Todd Mattley, CalPERS’ Global Head of Proxy Voting. BP holds its AGM on April 16.

As RI reported this week, further leading pension funds and asset managers have come out in support of the resolution. The next scheduled update on which investors have declared support for the motion is due on March 31.