The activist investor group Follow This has dropped its planned legal action against oil and gas giant BP. The green shareholder collective announced on Tuesday that it will instead submit a new shareholder resolution for the 2027 annual general meeting. The organisation has not yet disclosed the exact details of this upcoming proposal.
The decision by Follow This follows key developments during BP’s shareholder meeting in April. At that meeting, shareholders voted down a proposal by BP management to scrap certain climate reporting obligations.
“Following this meeting, we do not expect BP to block a shareholder resolution again,” said the Dutch founder of Follow This, Mark van Baal. “We do not need a court ruling to defend shareholder rights, now that shareholders have shown they will not tolerate the blocking of a resolution.”
This originally threatened to take legal action in the United Kingdom in March because BP refused to place their shareholder proposal on the annual meeting agenda. That resolution called on BP to present a strategy to remain viable in a scenario where global demand for fossil fuels falls. BP had rejected the shareholder resolution, claiming it failed to meet the company’s articles of association and British corporate law.
@ anp | NEWS BRAINPORT
