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Church of England to file shareholder resolutions at BP, Shell AGMs

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first_imgEdward Mason, the Church Commissioners’ head of responsible investment, said in a Church of England blog post: “It is clear from the latest assessment report of the Intergovernmental Panel on Climate Change (IPCC), released this year, that the world is on a path towards dangerous climate change.  “It is imperative that, over the decades ahead, we make the transition to a low-carbon economy.” The CIG’s largest members have helped establish an investor initiative to engage on climate change with the 10 largest extractives and utilities companies listed on the London Stock Exchange (LSE).The coalition also includes the Local Authority Pension Fund Forum and Rathbone Greenbank, the ethical fund manager, and is led by CCLA Investment Management, the specialist church and charity fund managers. Every year, the performance of global companies on climate change is rated by CDP (formerly the Carbon Disclosure Project), an NGO that collects and analyses data for this area.It is the investors’ initiative – called ‘Aiming for A’, after CDP’s highest rating (A) – which has prepared the shareholder resolution.Mason said: “We have chosen to file shareholder resolutions at BP and Shell because they have the biggest carbon footprints of all the companies listed on the LSE, and they are yet to achieve A ratings (they are both rated B).”He added: “The resolutions are supportive but stretching. We want the companies to be sustainably profitable.“The idea is to give all the shareholders of both companies the opportunity to signal that, like us, they want to see BP and Shell adapt their businesses over the long term for a low-carbon economy.” The special resolution – ‘Strategic resilience for 2035 and beyond’ – and amplified by a supporting statement, calls for routine annual reporting from 2016 to include further information about ongoing operational emissions management; asset portfolio resilience to the International Energy Agency’s scenarios; low-carbon energy research and development and investment strategies; relevant strategic key performance indicators and executive incentives; and public policy positions relating to climate change.The resolution says this additional ongoing annual reporting could build on the disclosures already made to CDP and/or those already made within the company’s energy outlook, sustainability review and annual report.A BP spokesman said: “We have had constructive discussions with CCLA and are aware they intend to file a resolution for our AGM in April 2015.“We will carefully consider it and respond appropriately before the meeting.”The shareholder resolution for Shell’s AGM will be very similar.The group’s UK AGM takes place in May 2015, shortly after its Netherlands AGM. The Church Commissioners and Church of England Pensions Board are to co-file shareholder resolutions on climate change at the annual general meetings of BP and Shell next year.The two bodies, which together own £7.7bn (€9.8bn) worth of assets, are members of the Church Investors Group (CIG), made up of institutional investors from mainstream Christian denominations and church-related charities, predominantly in the UK and Ireland.As a whole, the group’s investments total £15bn.The Central Finance Board of the Methodist Church is also co-filing the resolutions, as are some other CIG members.last_img read more

PivotBuoy floater enters construction stage

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first_img“With all of us forced to transition to remote work, and the adaptation process this entails on many fronts, it has not been possible to maintain the original schedule. We expect, however, to deliver the finished platform within a reasonable timeline.” The manufacturing of the PivotBuoy offshore wind floating platform has commenced in Santander, Spain. The prototype will feature a part-scale platform with a Vestas V29 turbine adapted in a downwind configuration and grid-connected to the test site. This division is expected to allow the project to avoid high shipment costs on both stages of the transportation, first from DEGIMA facilities, where the full platform will be assembled, to Santander port, and then from Santander to the Canary Islands. In March, X1 Wind and its partners completed and approved the design of the single point mooring system platform for floating wind turbines. “One of the main challenges of the manufacturing has been to maintain the schedule during the COVID19 Pandemic. Within the project, we have worked with suppliers from all over the world, making the coordination a challenge,” said Carlos Casanovas, CTO of X1WIND and technical coordinator of PivotBuoy. The construction is to be finished during August, and it will be transported to its final destination at a test site at the Oceanic Platform of the Canary Islands (PLOCAN) in Gran Canaria after the summer. According to the project partners, the design has been divided into several subsystems that take into account the handling and transport of each of them. After the design was approved, the manufacturing of the PivotBuoy and the floating platform started at DEGIMA facilities.last_img read more

City showed too much respect for Lyon, Berbatov faults Guardiola

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first_img Loading… Dimitar Berbatov has faulted  Pep Guardiola’s tactics in the Champions League quarter-final clash between Manchester City and Lyon. The Blues were eliminated at the hands of the French side in the Champions League quarter-finals in Lisbon, which marked another failure in the competition for Guariola’s side. “I was very surprised at Pep’s tactics, it was the first time I’ve seen him look so defensive,” Berbatov wrote in his Betfair column. “Usually, City play their own way and don’t worry too much about their opponents, but on this occasion they looked like they had too much respect for Lyon. Read Also: Galatasaray ready to hold talks with French club for Eagles star “If he were to leave, only very few clubs could really afford him, and Man City are certainly one of those clubs. “I also think that with Pep there and their style of football, it could suit Messi there. “I know many people will want to see him in the Premier League, including his critics so they could say he didn’t succeed there like Cristiano.” FacebookTwitterWhatsAppEmail分享 Berbatov also discussed Lionel Messi’s future and predicted that the Argentine will stay at Barcelona. “I don’t see Lionel Messi going anywhere,” Berbatov added. “Messi leaving would take away so much magic from the club.center_img “Pep will know what mistakes he made. “He is always going to come in for criticism in the position he is in, especially as City have been knocked out at the quarter-final stage four times.” Promoted Content7 Reasons It’s Better To Be A VeganThe Highest Paid Football Players In The WorldThe Models Of Paintings Whom The Artists Were Madly In Love With7 Black Hole Facts That Will Change Your View Of The Universe5 Of The World’s Most Unique Theme ParksThe Highest Paid Football Players In The World10 Risky Jobs Some Women DoThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreBest & Worst Celebrity Endorsed Games Ever MadeBirds Enjoy Living In A Gallery Space Created For Them8 Weird Facts About Coffee That Will Surprise You6 Interesting Ways To Make Money With A Dronelast_img read more