FairPensions calls for UK investors to speak up ahead of BP AGM

Charity group FairPensions has called on UK investors to declare their voting intentions in advance of BP’s AGM in London this week.

BP is expected to face a grilling from shareholders at the ExCel convention centre on Thursday, following a year in which the catastrophic oil spill in the Gulf of Mexico wiped billions off the petroleum giant’s value.

FairPensions said that a number of overseas international institutional investors have signalled their intention to vote down BP’s annual report and accounts.

Among those set to vote against BP on Thursday are the California Public Employees’ Pension System, the US’ largest pension fund, and the Florida State Board of Administration.

FairPensions said that while international investors have been forthcoming with their voting intentions, the same has not been true in the UK.

Director of engagement at FairPensions Louise Rouse said that the majority of British investors have been conspicuous by their silence ahead of BP’s AGM.

“Just yesterday we saw $380 billion worth of assets from the USA being mobilised to show dissatisfaction with BP in the wake of the Deepwater crisis while very few British investors have come forward. In the interests of market transparency and for the benefit of pensions savers, we would like to see many more large institutional investors in Britain follow the lead of overseas investors in declaring their voting intentions ahead of controversial AGMs,” Rouse said.

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