BP will almost certainly see off a resolution at its annual meeting next week from 140 shareholders asking it to produce a report by next year about its tar sands activities.

City investors have rallied around BP's management, but the level of protest is too significant to ignore. A number of large overseas investors backed the resolution, as did about 5,000 individuals who participated in an internet drive to enfranchise pension fund members organised by lobby group FairPensions and supported by the Observer.

The campaign has succeeded in dragging BP out of its bunker: it has disclosed information about its financial assumptions and about talks with First Nation communities. Shell, which is subject to a similar resolution, has gone further and produced a report a year earlier than asked. That is progress, but not enough for investors to let either off the hook at this stage.

It is disappointing that the City has closed ranks around BP chief executive Tony Hayward. But campaigners have won a moral victory by pushing tar sands on to the investment agenda.