PIRC recommends vote for BP climate activist resolution

PIRC recommends vote for BP climate activist resolution

LONDON (Reuters) – Investor advisory firm PIRC on Monday recommended that BP shareholders vote against the company’s chair over climate concerns and in favour of a climate activist resolution at the energy group’s annual general meeting on Thursday.

Major investor advisers ISS and Glass Lewis have recommended BP shareholders oppose the climate resolution filed by activist group Follow This.

Norway’s $1.4 trillion sovereign wealth fund, one of the world’s largest investors and itself built on oil and gas revenue, said on Saturday it would vote against the Follow This resolution.

In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40% by 2030, and now it envisages a 25% cut, angering climate activists but seeing its share price surge.

(Reporting by Shadia Nasralla; Editing by David Goodman and Louise Heavens)