Overview

• BP’s annual general meeting (AGM) today centers on shareholder votes regarding its strategy shift away from renewables to prioritize oil and gas production.
• Major shareholders, including Legal & General and Robeco, plan to vote against chairman Helge Lund’s reappointment over dissatisfaction with the company’s revised energy strategy.
• Proxy advisors ISS and Glass Lewis, along with Norway’s sovereign wealth fund and some U.S. pension funds, support Lund’s reelection, highlighting a split among investors.
• Activist group Follow This aims for at least 10% opposition to Lund’s reelection, signaling growing dissent against BP’s climate policy U-turn.
• BP’s revised strategy, announced in February, increases oil and gas production targets to 2.3–2.5 million barrels per day by 2030, reversing its earlier commitment to a 40% cut.