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A similar resolution has also been proposed (by the same coalition of investors) for the AGM of Royal Dutch Shell plc (Shell), to be held on 19 May 2015.
The 'Aiming for A' coalition is a grouping of asset owners and mutual fund managers from both the UK and abroad and includes the £150bn Local Authority Pension Fund Forum and the largest members of the £15bn Church Investors Group, as well as various charitable foundations and individuals. The coalition came together in 2011/12. Its stated aim is to undertake in-depth engagement with the ten largest UK-listed extractives and utilities companies, with a particular focus on the companies' climate performance (including promoting climate change mitigation, adaptation and transparency). The coalition's name is a reference to the 'A' carbon performance band (based on the A to E performance measure assessed by CDP). By way of example, BP reached a 'B' performance band in 2014.In its statement in support of the BP AGM resolution, the coalition explains that the reasons for it coming together range from systematic risk management and a 'collective fiduciary duty to engage in economic transformation' through to 'amplifying longer-term investor voices and involving ultimate beneficiaries'.
requisitioning procedure outlined in s 338(1), which provides that:
'...members of a public company may require the company to give, to members of the company entitled to receive notice of the next annual general meeting, notice of a resolution which may be properly moved and is intended to be moved at that meeting.'
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