London, April 25, 2026, 18:08 BST
BP PLC’s fresh executive team faces its first-quarter results with a bruise: shareholders shot down two board-endorsed proposals at the annual meeting. That’s a jolt for Chair Albert Manifold and CEO Meg O’Neill, who are working to recalibrate the oil giant’s strategy. The vote shook up what would have been a straightforward AGM, turning it into a governance hurdle early on.
The clock is ticking for BP. The company wants investors to buy into its strategy: shifting back toward more profitable oil and gas projects to boost earnings and trim its debt. But there’s pressure from some major shareholders, who are demanding greater transparency over climate risks and their own rights as shareholders.
BP’s shareholder poll delivered a 52.88% rejection of the special resolution to update its articles of association, while 52.53% shot down the proposal to undo earlier climate votes from 2015 and 2019. Both were special resolutions, meaning they needed 75% backing to pass—well above a simple majority.
Manifold secured 81.77% of the vote—enough to win, though not exactly a commanding margin for a board seat. O’Neill, in contrast, sailed in as CEO with 96.76%. The shareholder resolution from the Australasian Centre for Corporate Responsibility picked up 25.85% support; not enough to pass.
Manifold informed investors that BP seemed to enjoy “overwhelming support for the direction of travel,” though both special resolutions still fell short of “a simple majority.” According to Reuters, board members usually secure support close to 100%. Reuters
At issue: climate disclosure requirements and AGM formats. BP pushed to eliminate a pair of earlier resolutions calling for climate-related company reports, and aimed to permit virtual AGMs. Detractors hit back, faulting BP for blocking a Follow This proposal that demanded specifics on the company’s plans if oil and gas demand were to fall.
Diandra Soobiah, director of responsible investment at UK pension fund Nest, put it plainly: investors count on the chair to “safeguard governance and shareholder rights.” BP, for its part, said it’s working on “a simpler, stronger and more valuable BP” following talks with top investors. Reuters
O’Neill made her debut as CEO underlining BP’s unfinished business on the financial front. She emphasized the importance of shoring up the balance sheet and sticking to strict spending controls, according to Reuters.
Right now, the market climate looks firmer. BP’s called out “exceptional” oil trading results for the first quarter—that points to bigger wins from crude, fuel, and contract trades in choppy conditions. Both Shell and TotalEnergies flagged robust trading too. By Reuters’ estimate, trading teams at those three European giants pulled in at least $2.5 billion for the quarter. “BP was ‘not given to hyperbole,’” noted David Hewitt, senior consultant at Hewitt Energy Perspectives. He said the use of ‘exceptional’ stood out. Reuters
Still, that cash haul won’t resolve everything. BP is projecting net debt will climb to somewhere between $25 billion and $27 billion, up from a little over $22 billion, citing shifts in working capital—basically short-term money locked in inventories, receivables, and payables. But if those trading profits evaporate, oil prices turn volatile, or investors start pressing harder for climate transparency, O’Neill’s options could shrink quickly.
In its filing, BP stated it plans to find out why shareholders rejected the board’s advice on all three contested resolutions, promising an update within six months. That timeline now puts pressure squarely on Manifold.
BP’s first-quarter numbers land April 28. The headline trading figure won’t get all the attention—investors are already zeroing in on the debt pile, cash flow, and just how well the fresh leadership team can hold on to shareholder backing as they double down on oil and gas.
