Guardian | BP’s board has suffered a triple climate rebellion in its first shareholder meeting since appointing new leadership to steer the embattled oil company.
More than 50% of shareholders voting at the company’s annual general meeting (AGM) came out against its plans to scrap its existing climate reporting, and its resolution to replace in-person annual shareholder meetings with online-only events. About 18% of shareholders voted against the re-election of BP’s chair, Albert Manifold, less than a year after he took on the role.
Manifold was heavily criticised in the run-up to the AGM for putting forward a resolution to dilute BP’s climate disclosures, and for blocking a resolution from shareholder activists at the climate campaign group Follow This. The resolution called on BP to explain how its pursuit of rising oil and gas production aligned with a world shifting away from fossil fuels.
“The question is simple: how does BP plan to create value for shareholders as oil and gas demand declines?” said Mark van Baal, the founder of Follow This. “BP would rather antagonise its shareholders than answer it.”
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