BP may see further growth fallout

The beleaguered oil giant based its own growth estimates, given at its annual general meeting in March, on International Energy Agency (IEA) figures predicting a 40% growth in energy demand worldwide by 2030.

But critics pointed out the figures are a best-case scenario, which the IEA said “assume no change in government policies”.

BP stock, which accounts for a significant proportion of UK pension schemes, would suffer further if future growth significantly underperformed the company’s own projections.

Duncan Exley, campaign director at scheme corporate governance lobbyists FairPensions, said: “Research on pension funds and their managers consistently shows that recognition of the financial risks of ‘extra-financial issues’ is usually not matched by practice on the part of these funds and managers.

“From oil leaks to irresponsible lending, environmental, social and corporate governance issues have a history of precipitating crises that damage our economy and investments.

“We urge investors – or the government if necessary – to put measures in place to ensure these issues are monitored and managed so the next crisis is less likely to affect us all.”