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article imageBP shareholders turned a blind eye to safety

By David Masters     Jul 4, 2010 in Business
BP investors who claim they were misled on the company's safety record did everything they could to let themselves be duped, a leading environmentalist has claimed.
Writing in the Guardian, George Monbiot said BP shareholders repeatedly voted against calls to scrutinise the firm's approach to preventing oil spills. The same shareholders are now threatening to sue BP for misrepresenting its safety record, which they claim inflated the oil giant's share price ahead of the Deepwater Horizon disaster in the Gulf of Mexico.
Monbiot said he find it "difficult to summon up sympathy" for BP investors who have lost money because of the oil spill.
"They might not have been warned by BP, but they were warned repeatedly by environmental groups and ethical investment funds," he said.
"Every year, at BP's annual general meetings, they were invited to ask the firm to provide more information about the environmental and social risks it was taking. Every year they voted instead for BP to keep them in the dark."
It's not only mainstream investors who have been hit by BP's plummeting share price. Many ethical investors, including the Quakers, the Church of England, and M&S Ethical, have been left red-faced following the oil spill as their investments in BP come to light.
The Church of England and M&S Ethical have annouced plans to review their holdings in BP.
More about Oil spill, Deepwater horizon, British petroleum
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