Shareholders of BP are rallying behind a proposal that forces the London‑listed oil major to demonstrate how a renewed focus on oil and gas production adds shareholder value. The motion will appear at the company’s annual general meeting later this month, putting pressure on executives who have recently pivoted away from a renewables‑centric strategy to reassure investors and analysts alike.

The Local Authority Pension Fund Forum, representing a coalition of U.K. pension schemes, announced Thursday that it will join other institutional investors in supporting the resolution. By aligning with the broader shareholder push, the forum signals concern that BP’s strategic shift could dilute returns for long‑term owners, especially as oil prices remain volatile and capital allocation decisions draw heightened scrutiny.

Investors fear that increasing upstream spend may erode BP’s progress on decarbonisation targets and weaken its market valuation relative to peers embracing green energy. If the resolution passes, the board will need to present a detailed financial case linking additional fossil‑fuel projects to earnings growth, a demand that could reshape the company’s capital‑budgeting process and affect future dividend policy.