At the Oxfordshire Pension Fund, we believe that Annual General Meeting (AGM) votes are an important way to promote responsible behaviour that supports long‑term returns and the ability to pay pensions.
At BP's recent AGM, many investors voted against the company over concerns about its direction, including reduced climate transparency, weaker shareholder engagement and blocked shareholder resolutions.
On our behalf, Brunel opposed the new Chair, opposed the removal of climate reporting requirements, and supported calls for clearer evidence that new fossil fuel projects will deliver long‑term value.
The scale of opposition sent a clear signal. We will continue to press BP to address these concerns with our new pooling partner, LGPS Central.