Though Cowards Flinch

BP had its AGM yesterday. 

Post-Deepwater Horizon, it was always going to be a vibrant affair, and the media coverage is about those groups who showed up, including those who had come over from the US to make their feelings known about the loss of their livelihoods. 

More interesting, perhaps, is who didn’t show up, even though the AGM was in the same city.  

I quote the Telepgraph Liveblog:

Martin Simons, a shareholder “of this great company” since 1954 rises….. There are nervous looks from the management as he begins: “There are very many upset people here. I’ve lost a great deal of my savings income.”

……..

Mr Simons turns his guns on BPs biggest institutional shareholders:

“Is Blackrock here? WELL here we are. This is corporate governance for you. It’s quite a scandal. What about Legal & General? No?”

My industry informant informs me that Blackrock and Legal & General hold more than 9% of BP’s shares between them. 

Yet apparently* neither could be bothered to send anyone from their Corporate Governance/social responsibility teams in the wake of a massive environmental disaster, and in the context of massively controversial plans for drilling in the arctic?

* My informant tells me it was later checked whether Blackrock had sent anyone, and there is no evidence that they did.