More than 50% of voters at first AGM under new leadership oppose plans to scrap climate reporting
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 – a lightning rod for climate protest in recent years – 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. The “unprecedented” revolt means BP will not be allowed to carry out the resolutions that were defeated by a majority, although Manifold will remain as chair.
The dissenting shareholders included Legal & General Investment Management (LGIM), the UK’s largest asset manager, which had said it would vote against Manifold and oppose BP’s plans to cut back on climate reporting.
