BP faces investor rebellion over climate snub as UK oil major refocuses on oil and gas
BP faces a shareholder revolt over its green credentials in a setback for the company as it refocuses on oil and gas.Advisory group Glass Lewis recommended that investors vote against the re-election of chairman Albert Manifold after BP blocked a climate-related resolution from its annual general meeting.Glass Lewis said Manifold, who only became chairman in October, was ultimately accountable for the decision to exclude the resolution filed by climate activists Follow This from the April 23 AGM.‘The decision further raises questions about transparency, shareholder communication, and responsiveness to shareholder concerns,’ it said. Legal & General Investment Management, a top-ten shareholder in BP, also said it would vote against Manifold.The looming rebellion is a setback for Manifold and new boss Meg O’Neill, who became the first female chief executive in BP’s 117-year history when she took over last week. Snub: Advisory group Glass Lewis recommended that investors vote against the re-election of chairman Albert Manifold after BP blocked a climate-related resolution from its AGMThe company’s shares have been boosted by the surge in the oil price stemming from the Iran war just as it shifts away from its ill-fated foray into renewables and refocuses on fossil fuels.The stock edged up another 1 per cent yesterday as crude rose as high as $111 a barrel before easing. That took gains for the year to 38 per cent – making it one of the FTSE 100’s best-performing stocks of 2026 so far – and gave it a value of £94billion.BP is worth more than consumer goods giant Unilever for the first time since 2018. Unilever was valued at just £92billion last night having seen its shares fall 14 per cent this year.It is struggling to convince investors of the merits of its plan to combine its food brands – including Marmite and Hellmann’s – with US rival McCormick.Unilever shares rose 0.4 per cent yesterday but are down more than 7 per cent since the £11.9billion merger with the mustard maker was announced last week. Investors have been left confused over the nature of the deal, which will see McCormick’s shareholders own 35 per cent of the combined group while Unilever will control 65 per cent. Analysts at RBC Capital said they did not view the agreement as ‘terribly appealing’ and questioned why Unilever would want to partially own ‘a more complicated business’.It is also feared the deal will result in cuts – potentially hitting British brands including Marmite, Colman’s and Bovril.Dan Coatsworth at AJ Bell said that while BP has benefited from ‘major tailwinds thanks to higher energy prices’ stemming from the Iran war, Unilever ‘is having to contend with unhappy shareholders’ amid ‘disappointment around the way its food operations might be separated’.
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BP faces investor rebellion over climate snub as UK oil major refocuses on oil and gas
