BP has suffered a significant shareholder rebellion after investors rejected key proposals to scale back climate reporting requirements and introduce fully virtual annual general meetings, marking an early challenge for its new leadership.
The energy major, listed on the FTSE 100, failed to secure enough support for two special resolutions that would have allowed it to revoke earlier commitments on climate transparency. These commitments, approved in 2015 and 2019, require the company to disclose how its business strategy aligns with the goals of the Paris Agreement, which aims to limit global temperature rises.
Both proposals received only 47 percent of shareholder backing, far below the 75 percent threshold needed to pass. The rejection highlights growing investor resistance to any perceived weakening of environmental accountability at a time when energy companies face increasing scrutiny over their role in the global transition away from fossil fuels.
The developments were reported by The Times, which noted that shareholders also pushed back against the appointment of Albert Manifold. Nearly 18 percent of investors voted against his confirmation as chairman, reflecting broader dissatisfaction with the company’s governance and strategic direction.
Major institutional investor Legal & General opposed Manifold’s appointment, arguing that the proposed changes would reduce transparency around long-term risks and opportunities linked to the energy transition. Meanwhile, advisory firm Glass Lewis had recommended voting against him, criticizing BP’s handling of shareholder proposals related to climate strategy.
However, not all investors opposed the leadership. Norges Bank Investment Management and activist firm Elliott Management supported Manifold, with the latter describing him as a catalyst for positive change as the company attempts to improve performance.
The annual meeting also served as an early test for Meg O’Neill, who recently took over as chief executive. She is steering the company toward increased investment in oil and gas production in an effort to boost its market valuation, a move that has drawn criticism from climate-focused investors.
A separate resolution backed by pension funds and advocacy groups, including Australasian Centre for Corporate Responsibility, called on BP to justify how increased spending on fossil fuel projects would support long-term shareholder value. This motion gained nearly 26 percent support, signaling notable concern among investors.
