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.
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