Proxy adviser Glass Lewis recommended BP shareholders vote against its Irish chairman Albert Manifold, who took up the post in October, citing BP’s decision to exclude a climate-related resolution from its upcoming annual meeting, according to a note seen by Reuters.
It is relatively rare for large shareholder advisory groups such as Glass Lewis - whose recommendations could guide many shareholder votes at annual general meetings - to ask investors to vote against the board’s wishes.
Glass Lewis made its recommendation based on BP’s decision to exclude from its April 23 annual meeting a resolution calling on it to disclose its longer-term strategy under scenarios of declining oil and gas demand, which was tabled by climate activist shareholder group Follow This, according to the note.
BP is pivoting back to a focus on oil and gas following a foray into renewables in a major strategic shift being led by Meg O’Neill, who took the helm last week as the company’s fourth CEO since 2023.
Glass Lewis did not immediately respond to a request for comment.
Follow This has broadened its climate campaign against BP alongside some European investors, representing less than 0.3 per cent of the company’s shareholders.
“The decision further raises questions about transparency, shareholder communication, and responsiveness to shareholder concerns,” Glass Lewis said in the note.
Manifold, the former chief executive of CRH, was cited on BP’s website as saying that BP’s board concluded that Follow This’ proposal was not valid and would be ineffective if it were to pass at the AGM.
A BP spokesperson said the British oil major was focused on building a simpler company following investor engagement. “That’s why we are making these recommendations, to provide transparent, standardised disclosures that support clear comparisons across companies,” the spokesperson said.
Glass Lewis’s move chimes with another influential shareholder advisory firm ISS, which recommended a vote against BP’s board asking for permission to retire two company-specific climate reporting resolutions. BP says the resolutions have been superseded by other, more standardised frameworks, adding it had had extensive engagement with its largest investors on this move.
Glass Lewis also recommended shareholders vote against BP’s wishes to scrap the two climate reporting resolutions. -- Reuters
