, 25 tweets, 15 min read Read on Twitter
We weren't allowed to tweet from the #BPAGM so I've summarised my highlights below 👇
The AGM started off with protesters disrupting the meeting by calling BP a climate criminal & gluing themselves to the board - full video here 👇in response, BP CEO said everybody likes a good Shakespeare
The Q&A of the #BPAGM kicked off w @MsJoAlexander making a pledge to BP to make opportunities for its employees to work on low-carbon solutions & make their jobs more meaningful. #JustTransition The response from the chair was vague & disappointing.
He recognised the need to invest in internal capabilities and upskilling but didn't provide any detail of how they were going to do that in practice.
Rebecca from Amnesty then pressed the board on the lack of reference to #climatechange of their human rights policies. #BP referred her back to the dual challenge of decarbonisation & providing energy to the world's poor & skillfully avoided responding to their question
My colleague Clem then asked the board to develop a action plan to lower their mean gender pay gap & BP agreed to meet with @ShareAction to discuss further. (Perhaps the only satisfactory answer from the board today?!)
In response to poignant interventions by indigenous leaders from Alaska and the Arctic Wildlife Refuge, BP responded that it supported *responsible* oil and gas drilling that met their standards & couldn't speculate on specific projects. @SierraClub @GreenpeaceUK
BP also refused to commit to follow the Free, Prior and Informed Consent Principle #FPIC - I.e. to consult and get approval from the people living on the land BP plans to drill in that it can actually do so
When pressed by a former BP oil worker on the implementation of its #ethical standards throughout its supply chain, BP said it had a reputation for being open and transparent and that its [ethical] standards & processes are "changing the world" @WarOnWant @IndustriALL_GU
Investors from @ActOnClimate100 then made a series of powerful statements on #climatechange. Hermes EOS expressed concerns about BP claiming it was consistent w the Paris goals. It said investors that filed the CA100+ resolution had real concerns this *wasn't* the case #BPAGM
David Patt from LGIM then reiterate the need for BP to demonstrate to investors that each new capex is aligned with the Paris goals. BP said it was developing a report on its strategic response to Resolution 22 by the end of the year. #BPAGM
Aviva investors then pushed BP to review its KPIs and targets - only one of their group KPIs has a climate dimension. BP chair said it would publish "a bit more detail" about that in BP's sustainability report #BPAGM
Newton asset management then said they were gravely concerned about the climate crisis - and expected BP to act accordingly.
.@edwardcmason from the church commissioners then asked the board to release a date by which it expects to be #NetZero. BP chair said he couldn't give them a date - it all depends on when society (as if BP was a passive actor in society) goes Net Zero. #BPAGM
Christian brother investment services then pressed the board to commit to identifying short and medium term targets to significantly reduce the emissions of its customers and come back with a proposal next year #BPAGM
BP said it "cannot commit to being held responsible for emissions that we can control". CEO then illustrated that by saying families had different cars and petrol needs and BP had no influence over that #BPAGM @followthis2015
The Church of England pensions board then asked BP to review its trade association memberships in line w @IIGCCnews expectations & to disclose data to @tp_initiative. BP kind of committed to the former
Aberdeen standard -one of the largest UK investors- then pressed BP on its scope 3 emissions & plans to invest in hydrogen / reskill its workforce in Aberdeen #BPAGM
Mark van Baal then gave a punchy intervention about the need for BP to take its Scope 3 emissions into account - something the company has repeatedly refused to do @followthis2015 #BPAGM
I then quizzed BP on its direct lobbying activities on #climatechange - which aren't pretty as @UE & @InfluenceMap uncovered many times. I cited BPs lobbying agst a carbon price proposal in Washington state, Obama-era #methane regulations & for drilling in the Arctic #BigOilLobby
To which BP CEO said "you can't always believe what you see in the papers". Said he felt "very good about [BP'S lobbying activities]". @InfluenceMap @actmatthews @UE @lottasydaw @BNPPAM_COM @justdanfornow @ActOnClimate100 #BPAGM
(The BP chair said BP had no interest in lobbying against something that it is for - it was one of the first oil and gas company to come out in support of a carbon price but that doesnt mean it support any kind of carbon price policies - has to be the right one) #BPAGM
A shareholder then asked BP to publish a #JustTransition policy by its 2020 AGM. BP CEO thanked him for his thoughtful question but said it was hard to put together a just transition plan. "It's definitely on their minds" though #BPAGM @IndustriALL_GU @TUCGlobal @NVJRobins1
.@bmcushing from @SierraClub then urged the company not to drill in the Arctic Wildlife Refuge
BP: The AGM is not a place to make investment decisions
Trinity College's investment soc asked BP to commit to 1.5C if Resolution 22 or 23 came to pass. BPs response: rest assured we will follow society's progress (which is on track for 3-4C warming) ⚠⚠ Definitely not what investors expect you to do @BP_plc! #ClimateEmergency #BPAGM
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