New tool to help funds back resolutions

Individuals can now contact their pension providers and request that they back resolutions brought against BP and Shell, through an innovative internet tool launched by FairPensions.

With the support of The Co-operative, the new tool allows for a nationwide coalition of organisations to mobilise the public to petition their pension funds in support of the oil sands resolutions, which are due to be voted on this spring. The Co-operative, Greenpeace, WWF, Platform, UNISON and PCS have all vowed to mobilise members and supporters.

Briefings will also be sent out by FairPensions making the business case in favour of the resolutions, which will be received by hundreds of pension funds and fund managers in the UK and across the globe.

The resolutions against oil sands, which are amongst the most controversial industrial projects due to their high levels of carbon emissions, were co-filed by a group of fund managers, pension funds, foundations and faith groups in the largest coalition of its kind witnessed in the UK. They call upon BP and Shell to report on the investment risks that are associated with oil sands projects, and their plans to address them. (Click here for more information)

Catherine Howarth, chief executive of FairPensions, said: "This AGM season could herald a new era of public accountability for companies and their investors. People do not always realise that their pension provider holds shares in major companies on their behalf. Anyone with pension savings has a right to lobby their fund manager on how to vote on these vitally important resolutions."

Dave Prentis, general secretary of UNISON, added that UNISON's staff pension co-filed the resolutions. "Our members' pension funds have an estimated investment value of £250bn so at UNISON we understand the need for a low carbon economy. We're not convinced that exploitation of tar sands is a responsible choice for the future. These resolutions demand the clear answers from oil companies which our members need and deserve."

The project is being financially supported by the Co-operative.

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