BP PLC Response to Res. 13 Voting Result at 2021 AGM (3668U)
December 02 2021 - 3:59AM
UK Regulatory
TIDMBP.
RNS Number : 3668U
BP PLC
02 December 2021
2 December 2021
Response to Resolution 13 Voting Result at 2021 Annual General
Meeting
In accordance with Provision 4 of the UK Corporate Governance
Code, bp PLC ('bp') is providing an update to the statement made on
12 May 2021 regarding the voting in relation to Resolution 13 at
its Annual General Meeting ('AGM').
At the bp AGM held on 12 May 2021, shareholders strongly
supported the Board's recommendation to reject Resolution 13.
However, we recognise that some shareholders (20.65% of votes cast)
chose to support the resolution.
bp engaged with shareholders prior to the AGM and continued this
dialogue through extensive engagement with investors after the
vote. This process, which included but was not limited to specific
consultation in accordance with Provision 4 of the Code, has
allowed us to gain valuable insights in the evolution of
shareholders' views on our strategy, targets and aims -
irrespective of how they voted on Resolution 13.
In general, we have heard clear support for our strategy,
recognition of the importance of maintaining a strategy that
remains resilient to the risks and opportunities of the evolving
energy transition, and encouragement to continue to focus on value
generating activities to fulfil our ambition to get to net zero by
2050 or sooner and to help the world get to net zero.
bp is grateful to all those who have taken the time to engage on
this issue. We have reflected carefully on the feedback received
and will continue to engage with shareholders and other
stakeholders, as well as monitoring external market
developments.
Insights from the consultation have been factored into our
internal deliberations for consideration along with insights from
our ongoing wider engagement with investors and from our wider
ongoing monitoring of the external environment. During this period
of consultation, we have also seen the world's ambition
accelerating. That creates opportunity for us, and we look forward
to updating shareholders on our progress against our strategy and
next steps at our full year results presentation on 8 February, as
part of our regular communication to the market.
Further detail on bp's response to the outcome of the Resolution
13 vote will be provided in the 2021 Annual Report and
Accounts.
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