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BP Faces Shareholder Discontent at AGM as Climate Resolutions Fail
Shareholders also rejected BP’s push to end two climate-reporting rules and to allow online-only annual meetings, while 81.8% backed Manifold’s election.
- On Thursday, BP Plc shareholders elected Chairman Albert Manifold with 81.8% support at the annual general meeting in Sunbury-on-Thames, Surrey, despite the board blocking a climate proposal from Follow This.
- Proxy advisers Glass Lewis & Co. and Institutional Shareholder Services Inc. recommended shareholders oppose Manifold, while Legal & General Investment Management cited concerns over transparency and board accountability regarding the excluded climate resolution.
- Shareholders rejected two motions requiring 75% approval, preventing BP from implementing virtual-only AGMs and revoking binding climate-disclosure resolutions passed in 2015 and 2019.
- Norway's $2.2 trillion sovereign wealth fund, Norges Bank Investment Management, supported Manifold and other proposals, providing stability for CEO Megan O'Neill's emerging leadership at BP.
- Arriving this month from Woodside Energy, CEO O'Neill leads the 117-year-old company as it refocuses on fossil fuels, with shares having gained about 30% this year.
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The oil giant BP is currently focusing more on oil and gas than on renewable energies and would like to abolish two climate-related disclosure requirements. This requires broad shareholder approval. But there is no such thing. For management, this is a severe defeat.
BP Faces Shareholder Discontent at AGM as Climate Resolutions Fail
BP's new leadership faced challenges as shareholders rejected two board-proposed resolutions at the annual general meeting. Chair Albert Manifold received lower-than-expected support. Key shareholder groups opposed BP's proposal to remove climate disclosures. The meeting tested BP's recent strategy focus on oil and gas over low-carbon projects.
·India
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Coverage Details
Total News Sources20
Leaning Left4Leaning Right2Center4Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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