博彩对冲

BP Chairman Helge Lund survived a strong protest vote at the UK major鈥檚 annual general meeting (AGM) on Thursday, as a significant chunk of shareholders vented their frustrations over the firm鈥檚 recent strategy U-turn.

Lund, who has already announced his intention to step down as chair, likely in 2026, was re-elected to BP鈥檚 board with over 75% of shareholder votes in his favor, comfortably above the 50% required.

But the size of the shareholder rebellion 鈥� 24.3% of votes went against him 鈥� was unusually high for a routine director re-election, pointing to discontent over BP鈥檚 scaled back transition targets and refusal to hold a separate vote on the issue.

Activist investor group Follow This, which had urged shareholders to vote against Lund, said the rebellion signaled 鈥渄eep investor concern about climate, governance and the alleged influence of Elliott,鈥� referring to the hedge fund that now holds around a 5% stake in BP and is pushing for changes.

鈥淭his strong message from ESG-conscious investors will resonate across boardrooms of all major emitters,鈥� Follow This founder Mark van Baal said in emailed comments.

The Dutch group decided not to file its own shareholder resolutions at oil major AGMs this year. Its best result at BP came in 2021, when 20.7% of voters backed its call for tougher climate change targets 鈥� well below the level of opposition to Lund in 2025.

Only 4.1% of votes went against Lund at last year鈥檚 BP AGM, although 9.6% opposed his re-election in 2023.

BP CEO Murray Auchincloss was re-elected on Thursday with more than 97% support.

Elliott Silent

Amid tight security in Sunbury-on-Thames, just outside London, the BP meeting went ahead without disruption from climate protesters and wrapped up in under two hours.

Former BP employees repeatedly voiced their displeasure at the 11% average drop in the value of their pensions, however, with one even advising Lund to check his pension documents carefully before leaving the company.

Other attendees queried why BP was continuing to buy back shares instead of paying down debt, not setting a share price target 鈥� given its poor performance on the stock market relative to peers 鈥� and not putting its strategy pivot to a vote.

In response, Lund said that he was 鈥渆ncouraged by support鈥� shown for the company鈥檚 new strategy and that BP had already engaged with 75% of all shareholders on the issue, with most not wanting a vote.

No representatives from Elliott, which has yet to make an official statement on its campaign at BP, stepped up to the podium during the question and answer session at the AGM. The fund declined to comment on Thursday鈥檚 proceedings.

Highlighting safety as a top priority in his opening address, Lund noted that Sunday Apr. 20 marks 15 years since BP鈥檚 Deepwater Horizon disaster. An explosion and fire on an oil rig killed 11 people and the resulting oil spill had a devastating impact on marine life in the US Gulf of Mexico.

Finance chief Kate Thomson, who was also comfortably re-elected to the board, later said BP still had around $8 billion of liability payments outstanding for the disaster, with the last expected in 2033.

Meanwhile, the search for Lund鈥檚 successor is 鈥渨ell under way and moving at pace,鈥� said Amanda Blanc, the senior independent director at BP leading the recruitment process.

When the right candidate to be BP鈥檚 next chair is hired, it is in everyone鈥檚 interests for the transition period to be brief, although it would be thorough, she added.