Updated:
BP is braced for a significant shareholder revolt this week as opposition mounts to its climate change targets and a controversial plan to hold online-only meetings.
Investors' ire is focused on the oil giant's chairman, Albert Manifold, with major fund managers Legal & General, Railpen and the Local Authority Pension Fund Forum planning to vote against his re-election.
They are concerned that BP blocked a shareholder proposal from a Dutch campaign group forcing the firm to explain how its recent strategic shift from renewable energy would perform as demand for oil and gas falls.
The BP board also wants to scrap in-person meetings, in what would be another blow to shareholder rights.
Under pressure: BP is braced for a shareholder revolt as opposition mounts to its climate change targets and a plan to hold online-only meetings
The £34 billion Railpen fund said BP's proposal to allow online-only AGMs would 'further limit opportunities for meaningful engagement'.
It was voting against Manifold 'to reinforce our expectations around effective governance, transparency and the protection of important shareholder rights', it added.
The move to virtual-only meetings by large companies comes despite ongoing legal queries about their validity.
Ministers want to clarify the law, which dates from more than two decades ago.
Easy investing and ready-made portfolios
Free fund dealing and investment ideas
Flat-fee investing from £4.99 per month
Investing Isa now free on basic plan
Free share dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
此内容由惯性聚合(RSS阅读器)自动聚合整理，仅供阅读参考。 原文来自 — 版权归原作者所有。