BP Shareholders Block Climate Disclosure Rollbacks Amid Governance Tension

BP encountered significant investor resistance during its annual general meeting on Thursday, as shareholders rejected two key board proposals. The failed motions sought to implement online-only meetings and eliminate two specific company-specific climate disclosure obligations, both of which required a 75% majority to pass. The tension comes as BP, under new CEO Meg O'Neill, accelerates a strategic shift back toward its core oil and gas operations and away from renewable energy. This pivot has created friction with activist groups and proxy advisers who are pushing for more transparency regarding long-term value creation in a decarbonizing economy. While the climate motions failed, Albert Manifold was elected as chair with 81.8% support. However, the board faced criticism for blocking a proposal from the activist group Follow This, which requested plans for shareholder value under scenarios of declining oil and gas demand. This move was opposed by influential proxy advisers Glass Lewis and ISS, as well as Legal & General Investment Management. Despite the governance clashes, BP's market performance remains strong. The company's shares have climbed more than 33% year-to-date, outperforming major peers including Shell, Exxon Mobil, and Chevron. Support from major institutional investors, such as Norges Bank Investment Management, helped the board maintain its core leadership positions.