London, April 8, 2026, 12:03 BST
The battle among BP PLC shareholders heated up after Glass Lewis, the influential proxy adviser, recommended voting against Chair Albert Manifold’s re-election. The group cited the board’s move to keep a climate resolution off the agenda for the April 23 annual general meeting. With this call, the stakes rise for BP as investors prepare for a vote likely to scrutinize both governance and the company’s position on climate disclosure. 1
Timing is key. The call lands just a week after Meg O’Neill stepped in on April 1, while BP, led by Manifold, pushes forward with its pivot toward oil and gas. All eyes on April 23—investors will get their first real chance to weigh in on the new direction. 2
Follow This, the activist group behind the blocked proposal, wanted BP to detail its long-term plans if oil and gas demand drops. But proxy adviser Glass Lewis, in a note viewed by Reuters, flagged worries over transparency and how BP communicates and responds to shareholders. 3
Legal & General Investment Management plans to oppose Manifold and two other board-backed resolutions, while supporting a different shareholder proposal. L&G detailed its voting plans in a blog, criticizing BP for blocking the Follow This resolution. The firm argued that BP’s approach diminished transparency, eroded board accountability, and created an unsettling benchmark for shareholder rights. 4
BP is standing by its move. According to a spokesperson, the decision to drop climate-reporting promises made in 2015 and 2019 came after substantial talks with major shareholders and aims to create disclosures that are more uniform and easier to compare between companies. Over at ISS, the other heavyweight proxy adviser, the advice landed on April 4: shareholders should vote down BP’s effort to walk back those commitments, as well as the board’s push for virtual-only meetings. ISS described the rollback as “unprecedented in the UK context.” 5
Previous climate resolutions sailed through with almost unanimous approval, but BP faces a higher bar now—scrapping them requires 75% shareholder support. Activist group Follow This, with backing from like-minded investors, has broadened its pressure on BP and lodged a comparable proposal at Shell. That one comes up for a vote at Shell’s annual meeting on May 19. 5
Last week, O’Neill told staff she’s focused on “clear direction and consistency” as BP works to boost results. The company has halted share buybacks in order to reduce debt and redirect more capital toward oil and gas, aiming for net debt between $14 billion and $18 billion by the end of 2027. 2
The dust hasn’t settled yet—boardroom tensions are flaring just as oil prices take a fresh hit. Shares of BP, Shell, and TotalEnergies slid between 6% and 9% on Wednesday, tracking Brent’s dip to $91.70. The trigger: hopes that a two-week U.S.-Iran ceasefire could open the Strait of Hormuz. For BP, the governance tussle now intersects with a more pressing headache, according to Hargreaves Lansdown’s Matt Britzman. “Normal traffic through the waterway is needed for oil to head back to pre-conflict levels,” he said, with BP’s board drama now tangled up in the risk of weaker crude. 6
