BP Investor Group Opposes Resolution Targeting Oil Sands
March 31 2010 - 3:54AM
Dow Jones News
The U.K. Local Authority Pension Fund Forum said in a statement
late Tuesday it has advised its members to oppose a shareholder
resolution requiring BP PLC (BP) to commission a special report
into risks associated with the Sunrise oil sands project in
Canada.
The resolution, to be voted on at BP's annual general meeting on
April 15, was brought about by more than 100 investors in the
company concerned that oil sands developments are environmentally
damaging and require too high an oil price to be economically
sound. They want BP to issue a special report on risks associated
with the Sunrise project.
The LAPFF said BP has already provided sufficient evidence that
its approach to oil sands is well grounded.
"No evidence was found to indicate BP had adopted a position
that was not supported by technical and economic research. The
forum also does not believe BP or their partner have failed to meet
the wide range of local requirements set by government to protect
the environment and local communities," it said in a statement.
BP and its partner in Sunrise, Husky Energy Inc. (HSE.T), are
set to decide this year whether to proceed with the project.
Company Web site: www.bp.com
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317;
james.herron@dowjones.com
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