The oil giant faces the uprising of shareholders over the green turn strategy

Oil gigan PP On Thursday, on Thursday, she attracts himself to the response of shareholders at his annual general meeting, and the choir of dissatisfied investors plans to express his concern over the firm’s green strategy.

Planned re -election permit weekend BP Helge Lund Chairman was set as an opportunity for investors to signal dissatisfaction Change climatecorporate management and influence American Hedge -Fund Elliott Management.

Britain Connected to energy majorwhich in recent years lagged from more, focused on hydrocarbon branches fundamental reset.

Seeking to restore the trust of investors and increase the profitability of shareholders, BP in February promised to reduce renewable costs and increase annual costs for the main business of oil and gas.

Strategy reset is generally welcomed by energy analysts, and BP CEO Murray Auhinklos has since – Note Half has attracted a “considerable interest” in the firm’s non -core assets.

British Legal & General Asset Manager, lead shareholder in BP with approximately 1% shares, – Note He intends to vote against Lund’s re -election on Thursday – a position that would challenge Recommendation for management of BP.

The legal and general reference to dissatisfaction with the main reviews of the firm’s energy strategy, as well as the BP decision will not allow voting in the new direction.

Legal & General plans are in mind the international Robeco asset manager, the Nest with the UK and the border to the coast, as well as the investors, including the Dutch groups, follow that they will vote against Lund re -election.

However, gigantic sovereign funds on sovereign wealth and a number of US pension funds are reportedly reportedly saying they would return Lund’s re -election. Professor’s shareholders’ services and glass Lewis also recommended to vote in favor of Lunda, According to Reuters.

It opens the way to the shareholders’ proceedings at AGM BP, and observers closely monitor the level of confrontation with the Lund re -election. Historically, the votes against the chairman of the BP remained less than 10%.

BP’s press -secretary refused to comment on CNBC.

Updated BP Emphasis on Oil and Gas comes at the time when the energy firm that listens London firmly in the spotlight as The potential purpose of the absorption. British competitor Shell and American oil giants Exxon Mobil and Chevron All were advertised as possible grooms.

“We appreciate significant steps that have been taken in recent years, with respect to our commitments and efforts related to climates, which we supported within the framework of broad and constructive dialogues aimed at creating long-term value as the climate is deployed,”-said on April 11.

“However, we are deeply concerned about the recent material reviews made in the company strategy, announced on the 2025 capital on February 26, combined with the decision not to vote a shareholder on the recently modified climate transition strategy in 2025,” they added.

Legal and general said that BP announcement Earlier this month, when Lund is likely to be “positive” next year, but the constant concern about the firm’s continuity plan means that it intends to vote against the AGM resolution.

Five years ago, BP became one of the first energy giants that announced plans to reduce emissions to zero “By 2050 or before“As part of this push, the BP pledged to reduce the emissions by 40% by 2030 and increase investments in renewable projects.

In February 2023, the company scale these emissions up to 20% to 30%, saying that it was necessary to continue investing in oil and gas to meet world demand.

Robco – Note In its justification, which BR refused to repeat the so -called “say on the climate” voting for its editorial strategy, despite the fact that he had previously appealed to support shareholders previous and “more ambitious” transition goals.

“We unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter along with other investors with 5 trillion. GBP assets under the leadership,” said Michiel Van Ash, head of the Robeco.

“As a result, we have increased concern about the company’s stability through the transition of energy and the sequence of its approach to climate management, which makes us vote against the chairman and chairman of the Committee on Security and Sustainability,” he added.

For its part, it is believed that Elliot control is pressured on BP to minimize low carbon investment and prioritize oil and gas. It conclusion Recently, the investor activist created almost 5% of BP shares, making it one of the largest shareholders of the company.

The acting shareholder followed this, which has many years of history to push the big oil to make more to fight climate change, said the need to vote against Lund had not disappeared after the news of his coming. The group added that investors associated with good management must express their dissatisfaction.

“Voting against the Council is the only way to make the shareholders disagreeing on refusal to vote for their turn strategy,” Mark van Baal said in a statement.

“Now the council has unilaterally changed the course without asking the shareholders with the vote. This causes serious management problems. It seems that the BR leadership is afraid of its shareholders,” he added.

BP shares decreased by almost 10% a year.