BP Chairman Albert Manifold Secures 81.77% Support Despite 18.23% Rebellion
Almost a fifth of shareholders (18.23%) opposed re-electing chairman Albert Manifold after BP abandoned its 2020 net zero targets, halted climate impact reporting and proposed online AGMs. New CEO Meg O’Neill won 96.76% backing after pledging stricter spending, balance sheet strength and a renewed focus on oil and gas profits.
1. AGM Voting Outcomes
At BP’s annual meeting, 18.23% of shareholders withheld support for chairman Albert Manifold, who was re-elected with 81.77% backing, while newly appointed director Meg O’Neill secured 96.76% approval.
2. Abandonment of Net Zero and Reporting Changes
BP formally ended its 2020 net zero commitments, halted company-specific climate impact reports and proposed shifting AGMs online, triggering significant investor dissent and governance scrutiny.
3. Shareholder and Asset Manager Reactions
Legal & General and proxy adviser Glass Lewis recommended voting against Manifold’s re-election, and Rathbones, holding 43 million shares, demanded assurances that shareholder rights and previous commitments would be upheld.
4. Executive Strategy and Profit Focus
Chairman Manifold emphasized a strategy to build a simpler, stronger, more valuable company, while CEO Meg O’Neill pledged rigorous spending discipline, balance sheet strengthening and a renewed emphasis on oil and gas profitability.