BP's New Leadership Suffers Shareholder Revolt

BP Plc faced a shareholder backlash at its annual general meeting as investors rejected two resolutions supported by management and Chairman Albert Manifold faced a significant protest vote.

Investors voted against management’s proposals that would have allowed fully virtual annual meetings and revoked previously approved climate related disclosure obligations. Just under 82% of shareholders voted in favor of Manifold’s election — a clear rebuke as directors typically receive approvals close to 100%.

The result is a blow for BP as it is seeking to persuade investors that it is on track to reverse years of underperformance. The company faced criticism from some shareholders after declining to put a resolution from activist group Follow This up for a vote even though it met the threshold. Investors including No. 8 shareholder Legal & General Group Plc said they would oppose Manifold’s election, while proxy adviser Glass Lewis & Co. recommended investors do the same.

By comparison, Manifold’s predecessor Helge Lund, the key backer of BP’s botched 2020 pivot into low-carbon ventures, received 96% of the vote in 2024. That support came after Lund’s selected chief executive officer, Bernard Looney, was ousted for inappropriate conduct.

The general meeting was the first for both Manifold and new CEO Meg O’Neill, who took the reins of the UK energy giant earlier this month with a mission to streamline the business and focus on oil and gas production. Manifold, a former construction materials executive, assumed control of the board in October warning of tough decisions, following calls for change from activist investor Elliott Investment Management.

Norway’s $2.2 trillion sovereign wealth fund was among investors that supported Manifold’s election. 

BP has pledged more investment into oil and gas, something Elliott and other investors had been urging.