{"id":92236,"date":"2026-04-23T12:22:48","date_gmt":"2026-04-23T12:22:48","guid":{"rendered":"https:\/\/christiancorner.us\/index.php\/2026\/04\/23\/oil-giant-bp-faces-agm-shareholder-revolt\/"},"modified":"2026-04-23T12:23:43","modified_gmt":"2026-04-23T12:23:43","slug":"oil-giant-bp-faces-agm-shareholder-revolt","status":"publish","type":"post","link":"https:\/\/christiancorner.us\/index.php\/2026\/04\/23\/oil-giant-bp-faces-agm-shareholder-revolt\/","title":{"rendered":"Oil giant BP faces AGM shareholder revolt"},"content":{"rendered":"<p>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"group\">\n<p>London \u2013 British energy major <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">BP<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>    It faced a shareholder revolt at its annual general meeting on Thursday, following a tense clash with investors over corporate governance and climate transparency.<\/p>\n<p>BP failed to win majority shareholder approval on two long-awaited proposals that would have allowed online-only AGMs and eliminated two company-specific climate disclosure obligations. Each proposal requires 75% votes in favor to pass.<\/p>\n<p>A majority of 81.8% voted in favor of electing Albert Manifold as chairman, a proposal that has been in sharp focus following the board&#8217;s move to block a proposal put forward by the Dutch activist group Follow This.<\/p>\n<p>Board members require 50% of the vote to be elected, and they typically receive nearly 100% support.<\/p>\n<p>Some activist investors had said that even a 5% vote against Manifold, who has only held the position of chairman-elect since September, would represent a severe rebuke, especially after last year&#8217;s historic 24% vote against outgoing chairman Helge Lund.<\/p>\n<p>Ahead of the AGM at its Sunbury-on-Thames hub in Surrey, BP&#8217;s board blocked a motion tabled by FollowThis that would have required the company to share plans to create value for shareholders under future scenarios of declines in oil and gas demand.<\/p>\n<p>This controversial decision had raised concerns among some investors. Two influential proxy advisers, Glass Lewis and ISS, and one of Europe&#8217;s largest asset managers, Legal &#038; General Investment Management, had recommended shareholders vote against BP&#8217;s wishes.<\/p>\n<p>Top investors such as Norway&#8217;s mega oil fund Norges Bank Investment Management (NBIM) had thrown their weight behind BP&#8217;s management, along with several other board proposals.<\/p>\n<p>BP had said that its board had concluded, after taking legal advice, that the resolution was not valid and would have been ineffective if passed at the AGM.<\/p>\n<p>The energy major is currently in the process of returning to its core business of oil and gas, and away from renewables with the former. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-5\">Woodside Energy<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>    Boss Meg O&#8217;Neill is taking over as CEO at the beginning of the month.<\/p>\n<p>Shares in the London-listed company have surged more than 33% year-to-date, outperforming its British rival <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-7\">shell<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>    and American colleagues <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\">exxon mobil<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>    And <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-9\">beam<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>    At the same time.<\/p>\n<p><em><strong>This is a developing story. Please check back for updates.<\/strong><\/em><\/p>\n<\/div>\n<div class=\"ArticleBody-googlePreferredSourceContainer\" data-module=\"GooglePreferredSource\" data-id=\"RegularArticle-GooglePreferredSource-5\">Choose CNBC as your favorite source on Google and never miss a moment of the most trusted name in business news.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>London \u2013 British energy major BP It faced a shareholder revolt at its annual general meeting on Thursday, following a tense clash with investors over corporate governance and climate transparency. BP failed to win majority shareholder approval on two long-awaited proposals that would have allowed online-only AGMs and eliminated two company-specific climate disclosure obligations. Each<\/p>\n","protected":false},"author":1,"featured_media":92237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[16388,493,3300,415,10618,2243],"class_list":{"0":"post-92236","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bible-news","8":"tag-agm","9":"tag-faces","10":"tag-giant","11":"tag-oil","12":"tag-revolt","13":"tag-shareholder"},"_links":{"self":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/92236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/comments?post=92236"}],"version-history":[{"count":1,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/92236\/revisions"}],"predecessor-version":[{"id":92238,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/posts\/92236\/revisions\/92238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/media\/92237"}],"wp:attachment":[{"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/media?parent=92236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/categories?post=92236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/christiancorner.us\/index.php\/wp-json\/wp\/v2\/tags?post=92236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}