BP AGM Chaos: As Shareholders Rebel
Synopsis
The (British Petroleum) BP AGM erupted into anarchy this week as the company faced its shareholders for the first time since its u-turn on its climate policies. Previously the company had indicated it would…
The (British Petroleum) BP AGM erupted into anarchy this week as the company faced its shareholders for the first time since its u-turn on its climate policies. Previously the company had indicated it would embrace a more eco friendly approach to business. However since then it has clawed back those claims. As its competitors such as Shell surge ahead, profiting off increased production.
The Rebellion
Despite announcing last month he was stepping down next year, BP chairman Helge Lund faced widespread opposition in the vote to return him to his position. 24.3% voted in opposition to Lund remaining on as chairman. This number was the biggest vote against the board since 2016, when almost 60% of shareholders voted against BP’s decision to hand the then CEO, Bob Dudley, a $20m (£15.1m) pay packet in the same year that a global oil market rout pushed the company to record losses.
The chaos was added to by a huge protest by climate activists in opposition to BP’s shift in policy. Five protesters were detained outside the meeting. BP has faced huge criticism for its shift in environmental policy. Mark Van, who is the founder of the green activist investor group Follow This, said shareholders had “made it clear that weakening climate commitments is unacceptable.”
Almost 15 years on from the BP AGM following the disastrous Gulf oil spill, BP faced yet another chaotic AGM.
Sources
The Guardian - BP suffers investor rebellion at first AGM since climate strategy U-turn
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