Financial Times | BP was handed a heavy defeat by its shareholders over its attempt to reduce its reporting requirements on climate issues, as investors also mounted a rebellion against new chair Albert Manifold.
Two special resolutions put forward at the UK oil major’s annual general meeting on Thursday only gained the support of 47 per cent of voting investors, far below the 75 per cent threshold required for the proposals to pass.
The meeting had already sparked controversy after BP excluded a shareholder resolution filed by Dutch activist investor Follow This and a group of pension funds, asking the energy group to set out strategies for maintaining shareholder value if oil and gas demand declines.
Legal & General Investment Management, a top 10 shareholder with a holding of about 1.5 per cent, also said it would vote against him, citing concerns that he was reducing the company’s transparency and making it harder to understand how BP would manage risks in the energy transition.
