Campaign initiated by Follow This keeps ESG in the board room and challenges Elliott’s short-term oil and gas agenda
PRESS RELEASE | 17 April 2025
BP shareholders delivered an unprecedented high level of dissent at the company’s Annual General Meeting (AGM) today, with 24% of investors voting against the re-election of chair Helge Lund. This follows a campaign led by activist shareholder Follow This after BP’s March decision to scrap its climate targets. Historically, votes against chairs of UK oil major never exceeded 10% in the past ten years.
“The high vote against a chair – who is on his way out anyway – signals deep investor concern about climate, governance, and the alleged influence of Elliott,” says Mark van Baal of Follow This, that initiated the voting campaign in March. “The votes represent almost five times more shareholders than Elliott’s alleged 5%. We thank all investors who used their votes to signal their concerns.”
“This strong message from ESG-conscious investors will resonate across boardrooms of all major emitters.”
Selection of a new chair
The vote also sends a clear signal to Dame Amanda Blanc, BP’s non-executive director responsible for selecting Helge Lund’s successor. “The new chair needs to be climate and transition competent and resistant to short-term activists,” says Van Baal. “BP’s recent strategic U-turn appears to be driven by panic after a short-term activist reportedly bought shares in the company. We’re hearing significant frustration from long-term investors about this.”
Climate and governance
This record dissent sends a clear signal opposing Elliott Management’s ongoing alleged short-term fossil fuels focused campaign, reinforcing investor support for responsible governance and credible climate strategies.
“Shareholders have made it clear that weakening climate commitments is unacceptable,” said Mark van Baal of Follow This. “This historical result serves as a wake-up call to BP’s board and emphasizes investor expectation for robust governance mechanisms and genuine leadership on ESG issues.”
Campaign by Follow This
Follow This initiated the voting campaign with a letter to investors in March: Activist backed by 17% of BP’s shareholders calls for vote against chair, and reiterated the need for a vote in April: Don’t leave the choice of BP’s next Chair to Elliott.
Investors hold the key to change
“We hope BP’s investors recognize the power they have to steer the company toward a financially sustainable future,” says van Baal. “Shareholders have a responsibility to act before BP falls further behind in the energy transition.”
Follow This and BP: A longstanding push for climate action
In 2020, Follow This withdrew its climate resolution after then-CEO Bernard Looney committed to setting emissions reduction targets—an agreement announced in a joint press release with BP.
In 2021, 20% of BP’s shareholders, including BlackRock, supported the Follow This climate resolution, calling for stronger emissions targets (15% in 2022 and 17% in 2023).
Follow This did not file a resolution at BP in 2024 or 2025 due to a lack of investor appetite before BP’s U-turn. “BP was seen as a leader in the energy transition,” says Follow This. “But in reality, BP never made a serious effort to transition.”
“The alleged pressure of Elliott to take short-term measures, might make the board of BP finally recognizes Follow This and its supporting investors as their best friends to safeguard the future of BP.”
