Major proxy advisor and investor back shareholder resolution at BP

ACCR is commenting on Reuters reporting that proxy advisor Glass Lewis, one of the two large proxy advisors, has recommended shareholders vote for ACCR’s resolution at BP, co-filed with institutional investors in advance of BP’s AGM, which will be held on 23 April 2026.

At the same time, Legal & General Investment Management, a top-ten shareholder in BP, has announced its intention to vote for the same resolution, along with its intention to vote against management in relation to number of other resolutions on the company’s AGM ballot.

Commenting on this, Nick Mazan, Oil and Gas Strategy Lead, ACCR, said:

“Glass Lewis' recommendation to vote for our co-filed investor resolution, which L&G is now backing, will likely send alarm signals across the BP boardroom. There is now clear and growing evidence that investors want to see BP apply a disciplined approach to its upstream business and justify how its new oil and gas spending will deliver returns for shareholders.

"Given that the two major proxy advisors have now recommended a vote against management across multiple items on the ballot, BP’s board has serious questions to answer about how it manages shareholder dissent. A more productive approach to governance and shareholder engagement is required as we approach a monumental AGM for the oil and gas major.”

Background:

• Glass Lewis recommended voting against management on resolution 23 (to revoke previous climate reporting requirements introduced by majority-supported shareholder resolutions), resolution 24 (the institutional investor-filed resolution coordinated by ACCR), and resolution 4 (the election of Chair Albert Manifold.)
• L&G has made public its intention to vote against management on resolutions 22,23, 24 and 4.
• ISS, the other major proxy advisor, recommended voting against management on resolutions 22 (to move to virtual-only AGMs) and 23.