BP’s new boss should be clearer on green strategy – fudging pleases no one | Nils Pratley

Shareholders on all sides want to know where the oil giant stands on renewables, yet Murray Auchincloss opts for ambiguity

If in doubt, throw cash at the shareholders. It’s a safe tactic for a new chief executive assailed on two sides by investors with conflicting grumbles. BP’s Murray Auchincloss seized his debut moment. There will be $3.5bn of share buy-backs in the first half of this year, accelerating to a total of $14bn by the end of next. The shares rose 5%. For a week or two, that might stop people pointing out how BP’s share price has lagged its peers’.

Yet shareholders of all hues – those who want to transition faster out of fossil fuels and those who can’t see the point – surely also wanted to hear a clear statement from Auchincloss on where he stands in the great debate. How will BP prioritise its spending of cash that isn’t going on buy-backs and dividends?

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from The Guardian https://ift.tt/fejB05K