Observer | After a year of upheaval in which BP scaled back its green ambitions and turned back to oil and gas under fresh leadership, the British energy giant faces an exceptionally unruly annual meeting this month, with a snowballing investor revolt over its climate targets.
The company’s decision to exclude a resolution on climate targets filed by Dutch shareholder activist group Follow This has turned into a test of strength between investors and its new management, led by chairman Albert Manifold and Meg O’Neill, the first female chief executive of an oil major.
Legal & General Investment Management, a top 10 BP shareholder, said last week it would vote against Manifold’s election as chair, and warned that blocking the Follow This resolution marked a “reduction in transparency” that constrained shareholders’ ability to price risks associated with the energy transition.
Proxy adviser Glass Lewis has also recommended ousting Manifold. Candriam, an asset manager, said it would vote against all incumbent directors, as well as the chair and CEO, over the company’s lack of progress in addressing “material long-term transition risks”.
