Oh The Humanity! BP Chair Likely To Be Kicked Out By Angry Shareholders At This Year's Annual Meeting
BP is braced for an investor rebellion on Thursday as the oil company prepares to face its shareholders for the first time since abandoning its climate strategy. Its chair, Helge Lund, is expected to be voted out of his job by disgruntled investors at the company’s annual general meeting, which is also likely to be marked by protest from climate campaigners and investors.
The shareholder meeting comes weeks after Lund, who presided over BP’s groundbreaking 2020 climate targets and the company’s subsequent retreat, promised to step down from the company by next year. Despite his resignation, the chair will still face a shareholder vote on his role in which some of BP’s largest investors are expected to turn against him in protest over the company’s rapidly falling value in recent years.
The UK asset manager Legal & General, a leading shareholder in BP, has voiced plans to vote against Lund’s re-election citing the company’s recent green U-turn and its decision not to allow its shareholders to vote on the new direction.
The standoff will take place almost 15 years to the day after the deadly Deepwater Horizon disaster led to the largest marine oil spill in US history and plunged the company into a multi-billion dollar crisis. The company announced this week an oil discovery in “the Gulf of America” – using Donald Trump’s newly mandated US name for the Gulf of Mexico – which it said underscored its plan to “step up investment in exploration”.
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https://www.theguardian.com/business/2025/apr/17/bp-braces-for-investor-rebellion-at-first-agm-since-climate-strategy-u-turn