BP Faces Shareholder Rebellion Over Climate Disclosure Plans
BP is encountering significant opposition from shareholders regarding its climate disclosure plans. Legal & General, the largest UK-based asset manager, along with 11 other smaller firms, is set to oppose the reappointment of BP's chair, Albert Manifold. This opposition stems from concerns that BP is backsliding on its climate-related disclosures. Proxy advisor Glass Lewis has also advised BP shareholders to oppose proposals that would weaken the reporting of climate-related impacts and risks. BP has rejected a resolution from the activist shareholder group Follow This, which sought to compel the company to outline how it plans to remain profitable amid declining global oil and gas demand. Despite support from investors managing around €1 trillion in assets, BP blocked the resolution from being added to the AGM agenda. BP has proposed repealing two previous climate resolutions from 2015 and 2019, which required more detailed climate-related information. 
