BP suffers huge shareholder revolt amid green spat
BP has suffered a huge rebellion from its shareholders as the London-listed oil giant’s annual general meeting faces scrutiny of its environmental policy.
Nearly a quarter voted against the re-election of outgoing chair Helge Lund at the firm’s annual general meeting. as conflict swirls over BP’s decision to cut back on climate goals.
Chief executive Murray Auchincloss has faced mounting pressure to turn around the company’s struggling share price and in February announced plans to pivot back to oil and gas.
Lund played a significant role in delivering BP’s green agenda but is set to step down in April 2026, leading climate friendly investors to target his re-election as a protest vote.
The revolt was the largest protest vote against the chair of a FTSE 100 company in half a decade.
“In a changing environment, action taken over the past year has positioned bp to become stronger and more resilient,” Lund said in a statement on Thursday. “We can and will respond pragmatically to grow value – and to protect value.”
Investors had fiercely criticised BP’s management for failing to offer the chance for a vote on February’s decision.
Even after Auchincloss announced the move, shares failed to respond meaningfully. They are down around 17 per cent over the last month.
But the BP executive is also under pressure to return to oil and gas from Elliott Management, a US hedge fund known for its aggressive tactics, which took a near five per cent stake in the oil major in February.
“We’re going to be simpler and more focused. Higher value and higher performing,” Auchincloss told shareholders on Thursday.
“First, we’re growing the upstream. We plan to increase oil and gas investment by a fifth to around $10bn a year.
“We’re starting up more projects, unlocking more discovered resource and spending more on exploration.”
BP shares were trading up 0.82 per cent by mid-afternoon following the vote.
Auchincloss, BP’s former finance chief, took up the top job in September 2023 following the shock departure of Bernard Looney after revelations of “serious misconduct” tied to his relationships with colleagues.