BP excludes vote on changes to climate strategy at AGM

March 7, 2025

BP has opted not to include a vote on its climate plan at its upcoming AGM, despite investor calls for one following a fundamental overhaul of its strategy.

A group of long-term investors, including Border to Coast, Robeco, Rathbones and Phoenix Group, sent a letter to BP’s chair, urging him to allow shareholders a vote on its climate strategy.

The move followed speculation that BP could undergo a major business overhaul, potentially cutting renewable energy spending and dropping its net-zero emissions plan.

Instead, the oil giant would shift its focus back to oil and gas production in a bid to boost share prices and profits. This comes amid growing shareholder pressure to combat weak performance, which intensified after activist investor Elliott Management acquired a stake in the company.

However, BP’s recently published AGM notice confirms that no vote on its climate strategy, such as a Say on Climate, is included on the agenda for the April 17 meeting.

As a result, shareholders seeking a debate and vote on the strategy will need to explore other options, such as voting against directors, to voice their concerns.

In 2020, BP introduced its net-zero ambition, targeting net-zero emissions across Scope 1, 2, and 3 operations, as well as the entire value chain. The plan outlined actions to meet 2025 targets and 2030 goals while contributing to the global push to achieve the Paris Agreement's objectives.

Shareholders were first given the opportunity to vote on the net-zero ambition at the 2022 AGM, where it received support from 89% of investors.

In the letter, the investors reminded the company of the previous vote and expressed their expectation for the same level of accountability for any future significant strategic changes. However, this has not been implemented this year.

Minerva’s blog focuses on the latest developments in ESG investing and stewardship. Minerva is a global provider of sustainable stewardship solutions with over 25 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data, enabling them to navigate the intricate landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principles.

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