London, April 24, 2026, 14:00 BST
- BP investors shot down a pair of board-supported proposals at the AGM, one involving virtual-only meetings, the other focused on climate disclosure requirements.
- Chair Albert Manifold secured just 81.77% of the vote—a soft showing for a board seat at a major UK-listed firm.
- BP is set to report first-quarter results on April 28, following its earlier signal of “exceptional” oil trading. BP
BP PLC’s new execs took a hit at the company’s annual general meeting, with shareholders rejecting two resolutions the board had supported—putting fresh scrutiny on Chair Albert Manifold and CEO Meg O’Neill.
This vote landed at a crucial moment for O’Neill and Manifold, marking their first big public challenge as they work to move BP back toward oil and gas after pulling away from a wider green-energy push that proved expensive. What started as a climate fight has become a governance issue: who gets to question BP, and just how much information the company owes its investors.
BP disclosed in a filing that shareholders shot down a proposal for new articles of association, with 52.88% casting ballots against it. Investors also voted 52.53% against scrapping the company’s 2015 and 2019 climate resolutions. Both measures counted as special resolutions, so they required more than a simple majority to pass.
Manifold secured a board seat, drawing 81.77% of the vote in favor and 18.23% against. Meg O’Neill, who stepped in as CEO on April 1, saw her own board election backed by 96.76% of shareholders.
In the filing, BP acknowledged it had taken note of shareholders going against the board’s recommendations and said it plans to look into their reasons, aiming to provide an update in the next six months. During the meeting, Manifold described what he saw as “overwhelming support” for BP’s strategy, but conceded both special resolutions came up short of a simple majority. SEC
Tension was mounting ahead of the meeting. UK pension fund Nest flagged BP’s decision to drop a Follow This climate proposal, scrap prior climate-related votes, and shift to virtual-only annual meetings as red flags for shareholder rights. Investors rely on the chair to uphold governance, Nest’s director of responsible investment Diandra Soobiah told Reuters.
A shareholder proposal from the Australasian Centre for Corporate Responsibility drew 25.85% backing. According to ACCR, that outcome signals investors are pushing BP for stronger proof that its increased upstream spending—focusing on oil and gas output—will actually secure long-term value. Nick Mazan, who oversees oil and gas strategy at ACCR, described the vote as a “show of force.” ACCR
The peer comparison stood out. Shell put a similar Follow This resolution to a shareholder vote at its annual meeting—though it urged investors to reject it. BP, for its part, excluded the proposal entirely, arguing it was invalid and, even if approved, wouldn’t achieve its aims.
O’Neill has acted quickly to streamline BP, splitting the company into two core divisions: upstream, which handles oil and gas output, and downstream, which runs refining, fuel marketing, and associated operations. That’s a return to BP’s earlier organizational style, prior to ex-CEO Bernard Looney’s 2020 overhaul that aimed to pivot the group toward low-carbon initiatives.
Investors have reason to keep an eye on her, given her track record. Saul Kavonic, who leads energy research at MST Marquee, told Reuters O’Neill took “bold moves” at Woodside—pivoting the company toward North America. BP, for its part, has stated it will raise U.S. output but maintain total production at about the same level. Reuters
It’s a supportive market environment. BP flagged “exceptional” oil trading for the first quarter thanks to wild moves in crude, mirroring what Shell has been saying. Citi analysts bumped their BP earnings estimate up by 20%, now projecting adjusted net income at $2.6 billion. BP reports Q1 numbers on April 28. Reuters
Still, the risks are hard to ignore. BP warned net debt will climb to somewhere between $25 billion and $27 billion this quarter, compared with a little above $22 billion previously, citing working-capital swings linked to turbulent market conditions. Should oil prices drop, or if demand worries intensify, investors could balk at any push for bigger oil and gas budgets.
BP stock kicked off Friday’s session in London at 578.00 pence, up from Thursday’s 570.30 pence close, according to London Stock Exchange data. Investors are left juggling a more streamlined oil-and-gas narrative with an ongoing governance tangle.
