Proxy adviser ISS recommends vote against BP board over attempt to scrap some climate reporting

LONDON, ​April ⁠4 (Reuters) - Influential proxy ​adviser Institutional Shareholder Services (ISS) recommended a vote against ​the ‌BP board on revoking some ⁠previous climate reporting resolutions and ⁠allowing it ​to hold online-only shareholder meetings, according to a note seen by Reuters.

"A ​particularly ‌compelling argument would be required to justify such a legal revocation, which we believe ​is unprecedented in the UK context," ‌ISS said about BP's resolution to retire two resolutions ‌from 2015 and 2019 requiring company-specific climate reporting which passed with near ​100% support at the time.

"We do not ‌consider the Board's argument that the prior resolutions detract from the clarity ⁠of ⁠reporting and standardised disclosures ‌to constitute a sufficiently compelling case to offset ​the ​concerns for 'retiring' the ‌relevant disclosures," its analysis explaining the recommendation said. (Reporting by Shadia Nasralla; Editing by Alison Williams)

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