"More than 50% of shareholders voting at the company's annual general meeting came out against its plans to scrap its existing climate reporting, and its resolution to replace in-person annual shareholder meetings with online-only events."
"The influential proxy shareholder advisory Glass Lewis said Manifold was ultimately accountable for BP's decision to exclude the Follow This resolution and recommended a vote against him on these grounds."
"Today's result is unprecedented and demonstrates that investors are fed up with BP's lack of capital discipline and its approach to shareholder rights."
BP's recent annual general meeting saw over 50% of shareholders oppose plans to eliminate climate reporting and shift to online-only meetings. Approximately 18% voted against the re-election of chair Albert Manifold, who faced criticism for diluting climate disclosures and blocking a resolution from climate activists. The influential proxy advisory Glass Lewis recommended voting against Manifold due to his accountability for these decisions. Shareholders expressed frustration over BP's lack of capital discipline and failure to address the alignment of oil production with a declining fossil fuel demand.
Read at www.theguardian.com
Unable to calculate read time
Collection
[
|
...
]