HeadlinesBriefing favicon HeadlinesBriefing.com

BP shareholders reject climate reporting cuts, challenge chair

Financial Times Companies •
×

BP shareholders dealt the oil major a decisive rebuff on Thursday, rejecting two climate‑reporting resolutions with only 47 per cent support, well short of the 75 per cent super‑majority needed. The proposals sought to cancel 2015 and 2019 mandates on climate data and to shift future meetings to an electronic‑only format, a move the company said would broaden participation.

Investors also turned on chair Albert Manifold, with more than 18 per cent voting against him after proxy adviser Glass Lewis warned of governance gaps. Legal & General Investment Management, holding roughly 1.5 per cent of BP, joined the dissent, arguing that Manifold’s push to trim disclosures hampers transparency on the energy transition. Norway’s sovereign fund, however, backed him, citing its 2.7 per cent stake.

More than a quarter of shareholders supported a separate resolution demanding justification for upstream capital spending, reflecting broader anxiety over BP’s exposure to a declining oil market. Under UK rules, the company must now consult investors and report back, a process that could pressure future budgeting and risk‑management strategies. The vote signals that BP cannot sideline climate and governance concerns without tangible shareholder pushback.