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  "documentTitle": "BP plc (BP)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-10-04 00:00:00",
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  "notes": "The slide uses shareholder voting data to challenge the feasibility and shareholder support for Scope 3 targets.",
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      "text": "The overwhelming majority of BP's top 20 shareholders (including BlackRock, State Street, Vanguard and Legal & General) opposed the introduction of medium-term Scope 3 targets at ExxonMobil and Chevron.",
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      "text": "The proposal was rejected with an 89.5% and 90.4% majority respectively. This is very relevant for BP, considering that among the top 20 shareholders of BP, representing ~41% of BP capital, 15 (respectively 16) were also shareholders of Chevron (respectively ExxonMobil) and roughly 70% of those voted against Scope 3 targets at the 2023 AGM, including BP’s leading shareholder BlackRock (which owns more than 10% of BP voting rights).",
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      "text": "The overwhelming majority of BP’s top 20 shareholders (including BlackRock, State Street, Vanguard and Legal & General) opposed the introduction of medium-term Scope 3 targets at ExxonMobil and Chevron, following management recommendations that the introduction of medium-term Scope 3 targets would require them to blindly shrink the business - exactly was BP is planning to do - when instead, Scope 3 emissions are driven by demand for oil and gas, which in turn is driven by the interplay of economics, technology, policy, and consumer behaviours.",
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      "text": "More specifically, BP’s leading shareholder BlackRock opposed the introduction of medium-term Scope 3 reduction targets, as the proposal was considered “not in the purview of shareholders, or unduly constraining on the company” and BlackRock who portrays itself as a champion of ESG investing (admittedly we never remotely believed this to be the case), went",
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      "text": "\"not in the purview of shareholders, or unduly constraining on the company\" — BlackRock",
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      "kind": "source-note",
      "text": "48 source: Bloomberg as of 26/09/23; 49 source: Bloomberg as of 26/09/23; 50 “Applying Scope 3 targets...”; 51 Source: Blackrock",
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