LAPFF joins the chorus of shareholder advisers recommending dissenting vote on BP Board

The Local 'Authority Pension fund Forum', which represents funds with assets worth over $425 billion ($569 'billion), has'recommended' a vote against BP chairman Albert Manifold, and other resolutions supported by the board, said the body on Thursday.

LAPFF has put pressure on BP, after Glass Lewis, ISS and LGIM, two influential proxy advisers and top-10 BP shareholders supported votes against BP.

Glass Lewis and ISS are two of the largest shareholders' advisers and rarely encourage votes against a company's board.

LAPFF stated that its recommendation was based on concerns regarding "transparency" and "robust governance", after BP excluded a climate activist group's resolution from its shareholder meeting. They also asked permission to only hold annual general meetings online and to remove two previous resolutions requiring specific climate reporting by companies.

The Follow This Resolution called on BP to reveal how its strategy would work under scenarios of declining oil and 'gas demand. BP said that the resolution is 'invalid' and 'would be ineffective if passed at its AGM on April 23.

LAPFF said it would also 'go against BP’s?recommendation' and support a shareholder?resolution filed by the climate group ACCR, asking for more?information to show that shifting spening from low-carbon to oil and natural gas projects will increase shareholder value.

(source: Reuters)