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BP Chairman Faces Revolt Over Climate Stance
8 Apr
Summary
- Investors may vote against chairman Albert Manifold's re-election.
- BP is shifting focus back to oil and gas from renewables.
- Company shares have surged 38% this year, reaching £94billion.
BP is encountering significant shareholder opposition, with advisory firm Glass Lewis urging investors to vote against the re-election of its chairman, Albert Manifold. This recommendation comes after BP excluded a climate-related resolution, filed by activist group Follow This, from its upcoming April 23 annual general meeting. Glass Lewis cited concerns regarding BP's transparency and responsiveness to shareholder feedback following this decision.
This potential rebellion represents a setback for Manifold, who recently assumed the chairmanship, and for new CEO Meg O'Neill. Concurrently, BP's stock performance has been strong, driven by rising oil prices attributed to the Iran war. The company's shares have appreciated by 38% in 2026, culminating in a market value of £94 billion, surpassing Unilever.
In contrast, consumer goods giant Unilever is struggling with investor confidence. Its shares have declined 14% this year, partly due to confusion surrounding its proposed £11.9 billion merger with US rival McCormick. Analysts question the strategic benefit of this deal, which could impact British brands like Marmite and Colman's.
