BP board suffers triple climate rebellion from shareholders
Summary
BP’s board faced strong opposition from shareholders at its annual meeting, with more than half voting against cutting climate reporting and moving meetings online. About 18% opposed the re-election of BP’s chair, Albert Manifold, due to concerns about the company’s climate strategy and shareholder rights.Key Facts
- Over 50% of shareholders rejected BP’s plan to reduce climate-related reporting.
- Shareholders voted against replacing in-person meetings with online-only events.
- About 18% of shareholders voted against re-electing BP’s chair, Albert Manifold.
- Legal & General Investment Management, a major UK investor, opposed BP’s climate plans and Manifold’s re-election.
- Manifold was criticized for trying to block a shareholder resolution on BP’s climate goals submitted by the campaign group Follow This.
- Proxy advisory firms Glass Lewis and ISS recommended voting against BP’s move to scrap specific climate disclosure requirements.
- This meeting was the first annual meeting with new CEO Meg O’Neill, BP’s first female CEO and first external hire for the role.
- Shareholders expressed frustration over BP’s shift to increase oil and gas production despite global moves away from fossil fuels.
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