By Adam Whittaker

BP has called on shareholders to vote against a resolution that would require it to publish more detailed disclosures on how it takes investment decisions.

The resolution, filed last month by a group of investors, calls on the British energy major to disclose how it assesses cost-competitiveness for each project and how it accounts for cost-overruns. BP should explain how investment in exploration creates value for shareholders, the resolution said.

The company said Friday that the resolution is duplicative of disclosures that BP already makes and doesn't reflect its existing capital discipline or operational improvement.

BP said the resolution is too focused on returns and ignores the company's broader investment criteria. It said that all investment decisions are balanced against criteria that include strategic alignment, sustainability and integration.

BP is increasing investments across its traditional fossil-fuel business after a move into renewable sources of energy hit profits. Multibillion dollar write-downs followed and the company has since been working to regain investor confidence.

A new strategy set out in February last year involves more money for BP's oil-and-gas business and a focus on improving operational performance in a bid to grow shareholder returns. It has been accompanied by a revamped board and a new chief executive.

The additional requirement would complicate a goal of simplifying reporting processes, BP said.

The resolution was tabled by activist investor Australasian Centre for Corporate Responsibility, joined by some pension funds. They represent around 0.42% of BP's share capital, according to ACCR.

The group has been critical of BP's increased expenditure on oil-and-gas assets, arguing historical investments--including in areas outside renewables--have contributed to the group's underperformance. The company needs to demonstrate that the pivot back to hydrocarbons will boost returns, the group said.

BP's annual general meeting, when shareholders will vote on the resolution, is due to take place April 23.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

March 06, 2026 07:27 ET (12:27 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.