{ "docId": "019dd923-622b-71dc-a6dc-f627b2cd690f", "docSlug": "d5cf668f7ec6", "documentTitle": "BP plc (BP)", "authorId": "23_Bluebell_Capital", "authorName": "Giuseppe Bivona and Marco Taricco", "documentKindSlug": "shareholder-letter", "documentKindLabel": "Shareholder letter", "sourceTypeSlug": "activist_investor", "sourceTypeLabel": "Activist investor", "presentationDate": "2024-07-23 00:00:00", "orientation": "portrait", "aspectRatio": 0.70656973, "pageNumber": 15, "pageCount": 20, "prevPage": 14, "nextPage": 16, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "This is a page from a shareholder letter detailing allegations of corporate misconduct and lack of transparency.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622b-71dc-a6dc-f627b2cd690f/15", "deckHref": "/decks/019dd923-622b-71dc-a6dc-f627b2cd690f", "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-f627b2cd690f.json", "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-f627b2cd690f#slide-15", "components": [ { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.21 }, "kind": "callout", "text": "It appears, based on these facts and without an explanation, that BP is exploiting both its shareholders (by building loss-making solar plants) and the UK government (by planning to increase the plant's operational capacity beyond the authorized threshold).", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "25a1f219-6ba5-45a6-8515-2189df24853a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "As mentioned earlier, BP initially justified the elevated solar panel capacity, based on “overplanting”, but it later becomes clear, by BP's own admission, that the oversizing is intended to accommodate future export capacity should it become available.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2239c7af-ca8b-4921-80d1-2df8445c00a5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.61 }, "kind": "paragraph", "text": "We also reported the situation to the Senior Independent Director (Blanc) in a communication dated May 1, 2024 (Appendix 15), in which we requested a meeting that was subsequently denied.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "402dcc5e-2d0b-49dd-8759-035aec4a41bd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.66 }, "kind": "paragraph", "text": "The renewal of the application for Burnhope on June 11, 2024 (Appendices 7 and 8) therefore followed repeated notifications sent by us to the Board, the Chairman, and the Senior Lead Independent Directors (Appendix 3 dated April 23, 2024, Appendix 14 dated April 23, 2024, and Appendix 15 dated May 1, 2024), who were evidently aware of the unlawful commercial practices.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "652042cc-8bb0-4eb7-84ed-eca2dc792f14", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.7, "x": 0.15, "y": 0.42 }, "kind": "paragraph", "text": "Furthermore, this is a situation that the entire Board must be aware of. Following the questions we raised at the 2024 AGM to 'shed light' on BP's anomalous (rectius: “unlawful”) operations in solar energy, and after receiving a communication from the Company Secretary's office informing us that BP did not intend to respond, Bluebell Capital Partners sent a subsequent communication to Company's executive leadership on April 23, 2024, explicitly requesting confirmation that the decision not to answer our questions had been made by the Chairman of the Board of Directors, and therefore by the Board itself (Appendix 14).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d7c836de-9cd0-40fb-8939-0785cd890ae5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.7, "x": 0.15, "y": 0.3 }, "kind": "paragraph", "text": "It is worth emphasizing the increased severity of the situation compared to the initial authorization request for Burnhope: while BP sought authorization for a 76 MW facility misrepresented as a 49.9 MW facility, the revised applications for Burnhope and Hett seem to indicate that BP intends to build facilities that can only operate at two-thirds to half of their operational capacity, resulting in a significant waste of resources.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e0d1d017-c094-4e16-94f0-57223733e173", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "paragraph", "text": "We sincerely hope that the Board can provide an immediate and reassuring explanation of a situation that we find increasingly unsettling, especially in light of the recent court ruling in R (Galloway) v. Durham County Council.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ebfdb975-b5f4-430c-94ec-9456c6d14796", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "95412628-39b1-43f8-b21e-903ad54f6241", "evidence": "The text explicitly accuses the company of 'unlawful' operations and misrepresentation to shareholders and government.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }