A major proxy adviser has recommended that BP shareholders vote against the company's new chair, Albert Manifold, over his decision to exclude a climate resolution from the upcoming annual general meeting.
Glass Lewis told investors that Manifold, who has been in the role for six months, should face opposition because BP blocked a proposal from activist group Follow This. The resolution would have required the oil giant to disclose its long-term strategy under scenarios of declining oil and gas demand.
The advisory firm said the exclusion 'further raises questions about transparency, shareholder communication and responsiveness to shareholder concerns'. BP has argued the proposal was not valid and would be ineffective if passed.
Glass Lewis also recommended that shareholders vote against BP's request to scrap two existing climate reporting resolutions from 2015 and 2019. Another advisory firm, ISS, has similarly advised against retiring those proposals.
BP is refocusing on oil and gas after a troubled renewables expansion, and recently appointed Meg O'Neill as its fourth chief executive since 2023. O'Neill told staff the company operates in an environment of 'significant complexity'.
Follow This said 12 institutional investors plan to vote against scrapping the climate disclosures. Its CEO, Mark van Baal, noted that shareholder concerns are now greater than in 2025, suggesting more than 25% could back the resolution.
