BP fails in its attempts to obtain shareholder approval for two AGM Resolutions

BP announced that it failed to get a majority 'approval' from shareholders for two special resolutions presented at its annual general meeting on Thursday.

"While it appears that we have a large majority in favor of?the company's direction, it is?clear that the two special resoluttions - one relating?to?our articles and another relating?to historic resolutions – have not achieved a simple majority," BP Chairman Albert Manifold reportedly told the AGM.

It was not immediately clear if Manifold meant resolutions 22 or 23, which would have allowed virtual AGMs, and allowed BP the opportunity to rescind two previous resolutions requiring company-specific disclosures.

Glass Lewis and ISS are two of the most important proxy advisers, and BP's top-10 shareholder?LGIM also supported voting against BP?s wishes?ahead?of?the?AGM. Glass Lewis advised shareholders to vote against Manifold due to BP's decision -to block a climate resolution. LGIM said it would vote against Manifold.

BP was due to announce the initial results of a vote on resolutions later Thursday. Reporting by Shadia Naralla and Stephanie Kelly, Editing by David Goodman & Alexander Smith

(source: Reuters)