The oil giant is in the face of the revolt of shareholders over the green strategy

Oil giant Bishop He is put on the slack of shareholders on annual complaints (AGM) on Thursday, with the chorus of dissatisfied investors planning to express their fears related to the limitation of the company's green strategy.

Planned resolution on re -election social Helge Lund, chairwoman of the BP, was charged as an opportunity for investors to signal dissatisfaction climate changecorporate order and influence US Elliott Management Hedge Fund.

Great Britain Siegered energy directionwho in recent years has been behind more industry peers, tried to solve the identity crisis, starting Basic reset.

Bishop, trying to rebuild the trust of investors and increase the refunds of the shareholders of closest shareholders, undertook to reduce renewable expenses and increase annual expenses for basic oil and gas activities.

The reset of the strategy has been widely received by energy analysts, and since then the General Director of Bishop Murray Auchincloss he said Pivot attracted a “significant interest” in assets not related to the company's core.

British Asset Manager Legal & General, leading BP shareholder with about 1% of shares, he said Intends to vote against Lund's re -election on Thursday – a position that would objected BP management recommendation.

Legal and general dissatisfaction due to serious changes in the company's energy strategy, along with the BP decision to prevent the shareholder to vote on the new direction.

The plans of Legal & General are in line with the plans of the international environmental manager Robeco, the British pension funds with the nest and borders to the coast, as well as activist investors, including the Dutch group, follow this – all of them indicate that they will vote against Lund's re -election.

The giant Fund of Wealth in Norway and many American pension funds have apparently He said Lund would withdraw its re -election. Proxy Advisors Institutional shareholders and Glass Lewis also recommended voting for lund, According to Reuters.

He tracks the way for the show shareholder at AGM BP, and observers strictly monitor the level of investors' opposition to Lund's re -election. Historically, voices against the chairman of BP remained below 10%.

The BP spokesman refused to comment when he contacted CNBC.

The re -focusing of BP on oil and gas appears at a time when the energy company on the London stock exchange is strongly in the center of attention as Potential purpose of the takeover. British rival Shell and American oil giants Exxon Mobil AND Chevron They were all advertised as possible suitors.

“We value significant steps taken in recent years in relation to the obligations and efforts related to the climate, which we supported through extensive and constructive dialogues, aimed at creating a long-term value as the climate transition develops as the climate passes develop,” said Legal & General Investment Stewardship on April 11.

“However, we are deeply worried about the recent substantive changes made to the company's strategy announced on the day of capital markets in 2025 on February 26, in conjunction with the decision not to allow the shareholder to vote on the newly changed climate passage strategy at AGM in 2025.” – they added.

Legal & General said BP announcement At the beginning of this month, Lund will give way, probably next year, he was perceived “positively”, but the constant anxiety related to the company's succession plan means that he intends to vote against AGM resolution.

Five years ago, BP became one of the first energy giants who announced plans to reduce zero net emissions “until 2050 or earlier. “As part of this push, BP has undertaken to reduce emissions by up to 40% to 2030 and increase investments in renewable energy sources.

The company reduced the target emissions to 20% to 30% in February 2023, saying when it has to continue to invest in oil and gas to satisfy global demand.

Robeco he said In the justification that BP refused to repeat the so -called “say about the climate” of voting for the revision of the strategy, despite the fact that he had previously demanded the support of shareholders for previous and “more ambitious” transitional goals of the company.

“We asked for such a coherent feedback mechanism several times, including in public list along with other investors from 5 trillion GBP in managed assets,” said Michiel Van Esch, head of voting in Robco.

“As a result, we have more and more concerns about the company's immunity through the transition of energy and the consistency of its approach to climate management, leading us to vote against the chairman and chairman of the Committee for Safety and Sustainable Development,” he added.

For its part, Elliott management is considered to exert pressure on BP to minimize low carbon investments and prioritize oil and gas. This appeared Recently, the investor activist has built almost 5% of BP shares, which makes him one of the company's largest shareholders.

The acting shareholder follows the one who has a long history of striving for large oil to do more, to deal with climate change, said that the need to vote against Lund did not disappear after the news of his approaching departure. The group added that investors interested in good management should express their dissatisfaction.

“Voting against the board is the only way for shareholders to express an objection to BP's refusal to allow voting on strategy,” said Mark van Baal, founder of Follow This in a statement.

“Now the Management Board has unilaterally changed the course without asking to support shareholders in voting. This raises serious management concerns. It seems that BP's leadership is afraid of its own shareholders,” he added.

BP shares fell by almost 10% to a year.