BP faces investor revolt over Canadian oil sands project
BP has become the second energy major to face a potential shareholder revolt over its investment in controversial Canadian oil sands.
A group of pension funds and asset managers last month filed a resolution asking Royal Dutch Shell to reconsider its involvement in the expensive project, which emits more carbon dioxide than conventional drilling.
Now the Co-operative Asset Management, the UNISON Staff Pension Scheme, a group of clients from Rathbone Greenbank and the COIF Charities Investment Fund have filed a similar motion to BP, asking it not to commit $10bn to its Sunrise oil sands development.
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