GLOBAL – Top US and Australian pension funds are supporting a resolution filed by a group of investors from all over the world asking British Petroleum (BP) to disclose information on oil sand projects.
US schemes such as the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS), and the Vermont Pension Investment Committee have said today they are voting in favour of the BP oil sands resolution.
Australian pension funds and other investors including AMP Capital Investors' Responsible Leader Investment Funds, Christian Super, and Local Government Super are also supporting the BP resolution.
The resolution asked BP to commission and review reports setting out the assumptions made by the company in deciding to proceed with oil sands projects regarding future carbon prices, oil price volatility, demand for oil, anticipated regulation of greenhouse gas emissions and legal and reputational risks arising from local environmental damage and impairment of traditional livelihoods.
"The environmental risks associated with oil sands development comes with long-term financial risk for the CalSTRS portfolio", said CalSTRS chief executive Jack Ehnes.
"We support all resolutions requesting greater disclosure on oil sands-related risks and encourage institutional investors to vote YES in support of these proposals".
UK organisation FairPensions - which launched the campaign - said although the filing of the resolution had prompted valuable dialogue between investors and the company, investors did not feel that adequate disclosures have yet been made by BP to satisfy their concerns.
Adding your comment
Get the latest news direct to your inbox.
More from Global
Pensions Buzz
Updating your subscription status 
This Aberdeen Asset Management hedge fund roundtable discusses what investors are looking for in hedge fund governance; lessons that have been learned from the past and how the industry is placed for the future.
The all-new Pensions and Benefits Show will be held on 12th-13th June 2013 at ExCeL, London.
The Pensions Institute provides 15 good practice principles in modelling defined contribution pension plans. These principles cover the issues such as: model specification and calibration, modelling quantifiable uncertainty, modelling member choices and modelling longevity risk.
After what has felt for many like an eternity, auto enrolment has finally arrived. As the UK's largest employers complete the process, now is an ideal time to consider some of the lessons learned so that employers with auto enrolment on the agenda for 2013, can avoid some of the pain and pitfalls that may occur along the way.
This whitepaper provides a checklist to ensure you are compliant with the new legislation.
Financial Library is a whitepapers, research and briefings distribution service that is designed to provide users a quick and easy way of keeping ahead of business and market developments.
Visitors comments Add your comment