BP shareholders back more disclosure on risks

London - BP shareholders have voted overwhelmingly in favour of a resolution that means the oil major will test its business strategy against climate change risks from next year, making it one of the first global oil companies to disclose such details.

A total of 98% of shareholders in a vote at the oil major supported the plan, with less than 2% opposing.

"This resolution is about disclosure, it's not about setting targets," said BP chairperson Carl-Henric Svanberg on Thursday at the company's annual general meeting in London.

A number of shareholders at the meeting, including a representative of the $300bn California Public Employees Retirement System, said voting through the resolution was fundamental to them retaining BP stocks.