Investors at BP’s AGM last week rejected the energy major’s attempt to narrow its climate disclosures to only what regulators require. The two special resolutions aimed at revoking BP’s 2015 and 2019 climate-reporting mandates each secured only around 47% support, well short of the 75% supermajority needed to pass. More than half of shareholders opposed rolling back these voluntary disclosures, and over 18% voted against the re-appointment of chair Albert Manifold, an unusually high dissent rate for a board member.
The vote reiterates that institutional investors still expect comparable, forward-looking climate data beyond the regulatory minimum. A 2024 CAQ survey of 100 institutional investors found that 91% consider climate-related disclosures “extremely” or “very” important in their investment decisions, and 83% support mandatory climate disclosure because it is material to evaluating companies. At the same time, more than 70% of the world’s largest carbon emitters still fail to disclose the effects of climate risk in their financial statements, according to Carbon Tracker’s analysis, leaving a significant gap in decision-useful information. For investment teams, this gap directly affects how transition risk, capital allocation, and long-term resilience are assessed.
Investors also blocked BP’s proposal to move to online-only AGMs, a move widely seen as an attempt to reduce the risk of climate protest disruptions. The chair’s decision to exclude a shareholder resolution from Follow This, calling on BP to explain how it plans to remain profitable as oil and gas demand declines, further fuelled dissent. Glass Lewis recommended voting against Manifold over this exclusion.
For investment teams, the outcome underscores that efforts to “streamline” climate reporting can clash with investor needs for consistent, decision-useful data on transition risk, Paris alignment, and capital discipline. When companies try to pull back on voluntary climate metrics, shareholders are ready to push back through votes, chair challenges, and sustained engagement.
SI Engage is designed for exactly this kind of work. It helps investment and stewardship teams plan, record, and track engagements on ESG and climate issues, turning complex conversations into clear, actionable outcomes and a defensible audit trail. As this BP vote shows, robust, comparable climate reporting remains central to meaningful dialogue with investee companies and to sound investment decision-making.
If you’re looking for a more disciplined way to manage climate-related engagements, track stewardship outcomes, and build a clear audit trail for your investment and ESG teams, get in touch, and we’ll show you how SI Engage can fit into your existing workflow.
