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Questions BP investors should ask themselves
A lot has happened in sustainable finance since the last AGM season: an energy crisis in Europe, an escalating legal campaign against ESG in the US, a credibility crisis for the world’s biggest net zero investment group, and ground-breaking political agreements to protect the planet’s natural resources and marine ecosystems.
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Velliv divests BP, TotalEnergies, Shell in climate strategy rethink
Danish pension provider divests DKK3.4bn of upstream oil and gas stocks and bonds
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UK roundup: Brunel and NEST to vote against chair at BP AGM
Plus: Railpen-led investor group launches workforce directors guidance; Carillion completes buy-in deal with Just Group
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BP case study
BP has committed to become net-zero by 2050 or sooner, supported by a robust strategy to get there and market-leading disclosures. EOS continues to engage, following more than a decade of climatefocused engagement with the company.
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Bond investors can save up to 10bp on managers’ fees, says ClearGlass
‘Our advice to investors is: don’t accept the first or second offer, keep pushing and they will give you what you want,’ says Chris Sier
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3-4 May FOMC meeting: 50bp interest rate hike is bullish for markets
Federal Open Market Committee (FOMC) and statement: On 4 May, the Federal Reserve (Fed) hiked the Fed funds rate by 50bp to 0.75-1.00%, the first back-to-back hike since the second quarter of 2006. The FOMC statement signaled the start of a series of rate hikes. The Fed downplayed the negative Q1 GDP data, while upgrading its inflation assessment.
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CBI, CSSF finalise yield buffer rules for sterling LDI funds
Measures complement guidance issued by UK regulators in wake of UK LDI crisis
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Fed continuing to downshift: 31 January-1 February FOMC review
The Federal Reserve hiked the fed funds rate by 25bp, to 4.50-4.75%, a step down after the Fed hiked by 50bp in December. The slowing in the pace of rate hikes was widely expected.
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BP chief economist suggests focus on prices rather than climate scenarios
Spencer Dale floats idea of ‘shortcutting’ use of scenarios and turning straight to price metrics
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APG and others outline stance on BP net-zero ambition, delivery
CA100+ investors publish statement ‘for consideration’ ahead of tomorrow’s AGM
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Fed: Staying the course until the job is done
FOMC statement and press conference: On 14 December, the Federal Reserve (Fed) hiked the Fed Funds Rate by 50bp to 4.25-4.50%, a step down after four consecutive 75bp rate hikes. This takes the Fed Funds Rate further into restrictive territory.
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PenSam blacklists 26 oil firms but sticks with Shell, BP
Danish pension fund divests more than €17m worth of shares in its latest equity portfolio exclusions move in support of the Paris Agreement on climate change
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1-2 November FOMC meeting: debating a downshift, not a pivot
As widely expected, on 2 November, the Federal Reserve hiked the Federal Funds rate by 75bp, to 3.75-4.00%. The action marked the fourth consecutive 75bp rate hike this year. Investors initially interpreted the accompanying statement as dovish by selling the dollar and buying US Treasuries and equities.
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Ircantec exits dozen companies as new climate policy kicks in
Divested companies include Anglo American, BP, Mitsubishi, and Repsol
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BP investors press company on climate change reporting, targets
Management-backed shareholder resolution gets more than 99% of votes, but Follow This hails backers of its separate resolution as the ‘heroes’
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Still bearish on China? As Beijing takes action, watch the data to see if it’s working
Recent data has painted a bleak picture of China’s economy. As 2024 unfolds, there are signals that Beijing is finally stepping up to the plate with a solid raft of measures designed to improve consumer and business confidence. For investors trying to gauge whether these moves are effective, here are the indicators to keep an eye on.
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MP Pension blacklists oil companies including Shell, BP and Exxon
The Danish academics’ pension fund has analysed the sector and decided to divest stocks worth €86m – and bonds could follow
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Border to Coast votes against 95% chair re-elections in oil and gas companies
This is up from 31% in 2022, following an updated voting policy for the oil and gas sector
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BP agrees to more climate reporting after ‘constructive’ investor talks
BP to support shareholder resolution from Climate Action 100+ group, but not Follow This resolution
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20-21 September FOMC meeting: the move into restrictive territory
The Federal Open Market Committee (FOMC) meeting and statement: On 21 September, the Fed hiked the Fed funds rate by 75bp, to 3-3.25%, the third consecutive 75bp rate hike, and the fifth rate increase in 2022. This means the central bank has raised rates by 3 percentage points this year, clearly prioritising its aim to tame inflation even if it means damaging economic growth.