UK - Isis Asset Management is on a collision course with environmental campaigners over plans to vote against an environmental resolution at next week's BP annual meeting.
The socially responsible investment fund manager, which has £1.1bn worth of BP shares, intends to vote against a shareholder resolution aimed at keeping the oil giant out of protected or ecologically sensitive areas.
The resolution will call on BP to report on how it analyses and manages risks to shareholder value when operating in world heritage sites, national parks and wildlife refuges.
Head of governance and socially responsible investment Karina Litvack said the resolution was part of a wider campaign seeking a blanket commitment from extractive companies not to invest in protected areas.
She said: “We won’t support this resolution because we think that pushing for stricter standards and better reporting is more effective than simply declaring ‘no-go areas’.”
But Isis claimed improvements were needed at BP and called for an updated policy on protected and sensitive areas, and clarification on “how the company will operate, rather than where it will drill”.
Investor lobby group Pensions Investment Research Consultants has also advised members to oppose the resolution.
The resolution follows campaigns targeting BP over plans to drill in the Arctic National Wildlife Refuge in Alaska and the construction of the BTC oil pipeline project linking Turkey, Georgia and Azerbaijan.
BP’s board says the resolution is similar to one “overwhelmingly rejected” in 2002.
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