Shareholders at BP’s annual general meeting on April 27 approved the re-appointment of BP Chairman Helge Lund by a majority of 90.43% after several investors, including five of the UK’s largest pension schemes, called on shareholders to oppose it to protest BP’s energy transition strategy.
BP had in February pared back its industry-leading commitment to cut its oil and gas output by 40% by 2030, compared with 2019 levels, and is now targeting a 25% decline. A shareholder resolution calling on BP to set tougher carbon emission reduction targets won the support of 16.75% of votes at the energy company, according to preliminary results. The resolution filed by activist group Follow This called on BP to commit to absolute carbon emissions cuts by 2030 in line with the Paris climate deal.Opinions expressed are those of the author.