<\/p>\n
Albert Manifold: struggled to impress<\/p>\n
BP\u2019s new leadership has suffered a setback after clashing with shareholders over plans to scrap climate reporting and move its annual general meeting online.<\/p>\n
Chairman\u00a0Albert Manifold, who has only been in post since October, also struggled to impress shareholders with 18% voting against his election.<\/p>\n
Crucially, investors opposed the\u00a0energy company\u2019s\u00a0proposal to dial back its reporting commitments on the climate and its plans to allow votes at future meetings to be carried out virtually.<\/p>\n
Mr Manifold was appointed to accelerate BP\u2019s re-focus on oil and gas exploration. <\/p>\n
Legal & General, with a 1.5% stake, making it BP\u2019s eighth-largest shareholder, said it was \u201cdeeply concerned\u201d by the company\u2019s decision to renege on its climate strategy.<\/p>\n
\u201cWe believe that climate change represents a financially material and systemic long-term risk to our clients\u2019 portfolios,\u201d it wrote on its website.<\/p>\n
Ahead of the AGM, Glass Lewis, the influential shareholder advisory group had recommended a vote against Mr Manifold\u2019s election. <\/p>\n
However, ISS, another proxy adviser, offered support to the chairman. He was also backed by Norges Bank, which manages the Norwegian sovereign wealth fund and is among BP\u2019s five largest shareholders.<\/p>\n
Speaking at the AGM, he insisted BP had \u201coverwhelming support for the direction of travel for the company\u201d, but said \u201cit seems very clear\u201d that the two shareholder proposals \u201chave not reached a simple majority\u201d.<\/p>\n
The meeting was a baptism of fire for new chief executive Meg O\u2019Neill, who was named Murray Auchincloss\u2019s replacement in December, after the Canadian was ousted having served less than two years in the job.<\/p>\n
\t #leadership #suffers #setback #strategy #shift #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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