The Church of England's investment arm has successfully challenged oil giant BP to take more action over climate change, after it submitted a shareholder resolution late last year.
The Church Commissioners, which has a £9bn investment portfolio, said 98 per cent of shareholders approved its "Strategic Resilience for 2035 and Beyond" resolution. It had been recommended by the company's board.
Its stake amounts to less than one per cent of BP.
The approval means annual reporting at BP will be expanded to include more transparency around operational emissions management, asset portfolio resilience against 2035 scenarios, low carbon energy research and development investment among other procedures.
“The ‘Aiming for A’ coalition’s engagement with BP prompted an unprecedented response by an oil and gas major and its institutional investors," said Edward Mason, head of responsible investment at the Church Commissioners.
"BP’s commitment to increased disclosure on its climate change strategy will set a new standard and is a significant development in the relationship between institutional shareholders and the oil and gas industry on sustainability.”