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Article

31 Mar 2010

Author:
Ed Crooks, Financial Times

BP wins support against oil sands move

BP has scored a twin success in its battle to block a shareholder resolution that raised doubts about its proposed investment in Canada’s oil sands, with a group of local authority investors and a leading advisory service recommending a vote against the move. About 150 investors, advised by the campaign group FairPensions, put forward a resolution calling on BP to commission a report on the risks involved in its proposed investment in the $2.4bn (£1.6bn) Sunrise project, including environmental costs and the effect on its reputation. However, it emerged on Tuesday that BP had won backing for its opposition to the resolution from...[the] [UK-based] Local Authority Pension Fund Forum...[and] RiskMetrics, which makes voting recommendations to institutional investors... [also refers to Husky Energy, Shell]