Nearly a quarter of BP of investors vote against re-election of chair

April 17, 2025

Nearly a quarter of investors have voted against the BP chair Helge Lund’s re-election, citing concerns over the lack of a shareholder vote on the company’s revised climate strategy.

Preliminary AGM results revealed that 24.3% of BP’s shareholders had voted against Lund, who said this month that he would step down “most likely during 2026”.

The results marked the largest protest against a FTSE 100 director for five years when nearly 43% of easyJet investors voted against the re-election of chair John Barton in 2020.

The move follows an announcement by UK and European investors, including L&G Asset Management, AXA Investment Managers, Robeco, Storebrand Asset Management, and La Banque Postale Asset Management, to oppose Lund’s re-election.

Pension funds including KLP, Nest, LGPS Central, Sampension, and Border to Coast also declared their intention to do the same.

Border to Coast said it would go further, voting against three more of BP’s 12 board directors, including Melody Meyer, chair of the sustainability committee; Tushar Morzaria, interim chair of the remuneration committee; and Dame Amanda Blanc, a member of the nomination committee.

The investors expressed concerns over BP’s strategic overhaul and its refusal to offer a ‘Say on Climate’ vote.

However, US pension giants CalSTRS and the New York City pension funds said they would support Lund’s re-election.

Meanwhile, as BP investors step up their action, activist group Follow This has said it won’t file any climate resolutions at major oil and gas AGMs in 2025 for the first time since 2016.

The group said it will use the pause to rally broader investor support and explore ways to uphold shareholder rights collaboratively.

The decision comes amid what Follow This describes as growing attacks on shareholder democracy, particularly in the US. Several states are suing investors over their consideration of climate risks, while the SEC is accused of pushing investors into passivity.

These pressures, along with escalating global trade tensions, have left investors increasingly uncertain about how to advance climate action.

Follow This says it will use this time to engage with investors on how to overcome these barriers and understand why many still hesitate to vote for Paris-aligned proposals, despite their public climate commitments.

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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