BP chairman faces major revolt over green snub
BP is bracing for a significant shareholder revolt this week as opposition grows to its climate change targets and a controversial plan to hold online-only meetings.
Investors’ anger focuses on the oil giant’s chairman, Albert Manifold; leading fund managers Legal & General, Railpen and the Local Government Pension Fund Forum plan to vote against his re-election.
They are concerned that BP has blocked a shareholder bid from a Dutch campaign group, forcing the firm to explain how its recent strategic shift away from renewable energy will perform as demand for oil and gas falls.
BP’s board also wants to cancel face-to-face meetings, in another blow to shareholder rights.
Under pressure: BP braces for shareholder revolt as opposition grows over climate change targets and plan to hold online-only meetings
The £34bn Railpen fund said BP’s proposal to allow online-only general meetings would ‘further limit opportunities for meaningful engagement’.
He added that he voted against Manifold ‘to strengthen our prospects for effective governance, transparency and protection of important shareholder rights’.
The move by major companies to virtual-only meetings comes despite ongoing legal questions about their validity.
Ministers want to clarify the law, which dates back more than two decades.
DIY INVESTMENT PLATFORMS
A.J. Bell
A.J. Bell
Easy investment and ready portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund trading and investment ideas
interactive investor
interactive investor
Fixed fee investment from £4.99 per month
free trade
free trade
Investing in Isa is now free on the basic plan
Trade 212
Trade 212
Free share sales and no account fees
Affiliate links: If you publish a product, This is Money may earn a commission. These deals are chosen by our editorial team because we think they’re worth highlighting. This does not affect our editorial independence.
