Why pressure is mounting at oil giant BP ahead of its annual general meeting

A growing chorus of dissenting investors appear to be ramping up the pressure on BP

ahead of its annual general meeting.

The Local Authority Pension Fund Forum (LAPFF), a top U.K. pension fund body, said late last week that it would recommend its members vote against BP Chair Albert Manifold and other board-supported resolutions at the April 23 meeting.

It follows recommendations from two influential proxy advisers, Glass Lewis and ISS, and one of Europe’s biggest asset managers, Legal & General Investment Management, for shareholders to vote against BP’s wishes.

Glass Lewis and ISS hold significant sway over how institutional investors tend to vote at AGMs and rarely advocate for voting against a firm’s board.