BP faces oil sands revolt

BP will become the latest oil company to face a shareholder revolt over proposed investments in Canada’s controversial oil sands at its annual meeting on 15 April. Shareholders led by FairPension, who also include the Co-operative Asset Management and the Unison Staff Pension Scheme, have filed a resolution saying BP’s plans to study a $10bn (£6.4bn) project to develop the bitumen-rich sands of Northern Alberta is environmentally unstable and should be stopped. The oil company has yet to commit to the Sunrise oil sands development with joint venture partner Husky Energy. The resolution follows a similar action taken by investors in Royal Dutch Shell recently.