British energy major BP PLC faced a shareholder backlash at its annual meeting Thursday as investors rejected resolutions that would have reduced its climate reporting requirements.
The vote is a blow to BP’s new management at a time when the company is pivoting back to its more profitable oil and gas business, and slashing its clean energy investments.
BP Chair Albert Manifold said investors voted against resolutions that would have permitted online-only general meetings and scrapped two of the company’s climate disclosure obligations.
Management argued that the company-specific climate requirements had been ‘largely superseded’ by legal changes that require mandatory climate disclosures.
But the resolutions received less than 50% of the vote, far from the 75% needed to pass.
Full story BP shareholders reject management bid to cut climate impact reporting | AJ Bell
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