[p2p-research] Fwd: Shareholders : Global investors team up to quiz oil major on risk management

[Michel Bauwens]

---------- Forwarded message ----------
From: Dante-Gabryell Monson <dante.monson at gmail.com>
Date: Mon, Dec 20, 2010 at 1:35 AM
Subject: Shareholders : Global investors team up to quiz oil major on risk
management
To: Michel Bauwens <michelsub2004 at gmail.com>


Hi Michel

I somehow remember from your bio that you worked in the field of information
processing / filing with BP agribusiness executives in the past ?

http://p2pfoundation.net/Bio

*<< [1990-1993] Business Information Manager, BP Nutrition- agribusiness
division of British Petroleum >>*


Possibly the following may be of interest :

http://www.responsible-investor.com/home/article/bp_facing_shareholder_resolution_on_oil_spill/

 BP facing shareholder resolution on oil spill

Global investors team up to quiz oil major on risk management
*by* *Daniel Brooksbank* | December 17th, 2010

An influential group of shareholders are planning to file a resolution at
BP’s next annual general meeting demanding a review of the oil major’s risk
management at its North American operations in the wake of the Deepwater
Horizon spill in the Gulf of Mexico earlier this year.

“We as shareholders of the Company direct that independent members of the
board conduct a review of the current risk assessment and risk management
plans including emergency response plans in place for each of the Company’s
major projects in North America,” the draft
resolution<http://www.cbisonline.com/file/BP%20Resolution%20.pdf>
 reads.

The move is being spearheaded by the Christian Brothers Investment Services
(CBIS), the US Catholic socially responsible investing group with $3.6bn in
assets.

Also involved are the €25bn Finnish pension insurer Ilmarinen, the Swiss
pension fund-backed Ethos Foundation and sustainable asset management
specialist Calvert, Mennonite financial services group Everence and investor
coalition Ceres. The Ecumenical Council for Corporate Responsibility is
considering co-filing.

It’s believed to be the only planned resolution to deal with the accident
that has cost BP so dearly in terms of reputation and hard cash.

The investors are calling for the findings of the review to be reported at
BP’s AGM in 2012.

  They want an assessment of the “principal operational,economic,
reputational, environmental and social risks” facing the firm and the steps
it’s taken to “reduce, manage and mitigate such risks”.

They are also pressing on board oversight as well as the impact of the
potential changes in projected long-term oil demand.

UK campaign group FairPensions, which headed up the tar sands resolution at
the BP and Shell AGMs this year, is “helping with the paperwork”, said
campaigns director Louise Rouse. She said BP is aware of the resolution,
which Rouse termed as an “invitation to dialogue”. As the new resolution
covers BP’s North American operations, in effect it also encompasses the tar
sands issue, she added.

The resolution’s supporting
statement<http://www.cbisonline.com/file/BP%20Supporting%20Statement%20.pdf>
says
Deepwater Horizon has damaged BP’s reputation and endangered its “social
licence to operate”.

While BP has established a new safety and risk division, the investors say
its “recent actions and meagre communications” to shareholders suggest there
are still significant gaps in risk management.

Investors who want to register an interest in co-filing, should contact
either Julie Tanner at the CBIS or FairPensions’ Rouse before December 27.
The deadline for filing resolutions with the company is January 21 2011,
with the AGM likely to take place in mid-April.



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