The world’s biggest asset manager and top BP (BP.L) investor BlackRock (BLK.N) said on Friday it had backed a shareholder resolution calling for faster climate action which the energy company’s board opposed.
BlackRock’s vote at BP’s annual general meeting earlier this month points to growing pressure on both major oil companies and investors to accelerate efforts to slash greenhouse gas emissions. BlackRock holds a 6.8% stake in BP, according to Refinitiv data.
“While recognizing the company’s efforts to date and direction of travel, supporting the resolution signals our desire to see the company accelerate its efforts on climate risk management,” BlackRock said in a vote bulletin.
The asset manager said, however, that it voted in favour of Total’s (TOTF.PA) energy transition strategy at the company’s AGM on Friday, which won over 90% of shareholder support.
It also supported management at Royal Dutch Shell (RDSa.L) in a non-binding vote on the company’s energy transition strategy at its AGM this month. Refinitiv data showed BlackRock is also the biggest investor in the company.
Managing $9 trillion in assets, BlackRock’s vote has been a key focus for campaigners and investors alike, as pressure builds on the world’s biggest oil companies to put in place a plan aligned with the 2015 Paris Agreement to limit global warming.
BlackRock said it had backed the BP shareholder resolution put forward by activist group Follow This, which asked for the company to set deeper climate targets.
