The changes state that any conventional attack on Russia, aided by a nuclear power, could be considered to be a joint attack
world3 days ago
Norway's $1.4 trillion sovereign wealth fund, one of the world's largest investors, has said it will vote against a resolution calling on British oil major BP to adopt tougher greenhouse gas targets.
While BP already aims to reduce emissions, the motion filed by activist group Follow This ahead of an April 27 shareholder vote calls on the company to align with the Paris climate deal's goal to limit global warming.
Norges Bank Investment Management (NBIM), which operates the Norwegian fund, said last year that it plans to take a tougher line on companies that do not adopt credible climate plans.
It did not give a reason for rejecting the motion. But the fund has said in the past that while it sometimes backs environmental, social and governance (ESG) proposals put forward by activist groups, it carefully judges each case on its merits.
Follow This in an emailed statement said NBIM as a major investor should show leadership on climate issues.
"NBIM failed the first real test of its new climate voting policy," Follow This founder Mark van Baal wrote.
The Norwegian fund, itself built on oil and gas revenue, owned 2.73 per cent of BP's shares worth some $2.8 billion at the end of 2022.
BP's board has recommended that shareholders vote against the resolution saying it was "unclear" what it wanted the company to do.
Investor advisers ISS and Glass Lewis also recommended BP shareholders oppose the resolution, while Britain's Local Authority Pension Fund Forum (LAPFF) asked investors to back it.
In February BP rowed back on plans to slash its 2019 oil and gas output levels by 40 per cent by 2030, and now it envisages a 25 per cent cut, angering climate activists.
ALSO READ:
The changes state that any conventional attack on Russia, aided by a nuclear power, could be considered to be a joint attack
world3 days ago
The country launched a probe in March 2021 into WhatsApp's privacy policy, which allowed data sharing with Facebook and its units, sparking global backlash
world4 days ago
This time around, Trump wants the Senate to give up that gatekeeping role and allow him to make 'recess appointments'
world4 days ago
Police allege the offences took place between 2001 and 2019 against 8 victims; the youngest was 17 at the time of the offence
world4 days ago
The two countries have a mutual defence treaty dating back to 1951, which could be invoked if either side came under attack, including in the South China Sea
world4 days ago
Nigerian President Bola Ahmed Tinubu conferred the Grand Commander of the Order of Niger on Narendra Modi in Abuja on Sunday
world5 days ago
The titleholder's winning answer focused on using each individual's strengths
world5 days ago
The suspects would be interrogated jointly with the Shin Bet internal security agency, police said
world5 days ago