Glass Lewis urges a vote against BP chairman over climate resolution

Glass Lewis, a proxy adviser, recommended that BP share holders vote 'against' Albert Manifold who assumed the position in October. Citing BP’s decision to exclude a resolution related to climate change from its upcoming Annual Meeting, according to a notice seen by.

Glass Lewis, a large shareholder advisory group whose recommendations can guide shareholder votes at annual general meetings, is not a common place to ask investors to vote contrary to the board.

Glass Lewis' recommendation was based on BP’s?decision not to include a resolution from the April 23 annual meeting that called on it to reveal its longer-term strategies?under scenarios with declining oil and natural gas demand?, as presented by climate activist shareholder groups Follow This.

BP will 'pivot back' to oil and gas after a foray in renewables, a major shift being led by Meg O'Neill who was appointed as the fourth CEO of the company since 2023 last week.

Glass Lewis didn't immediately respond to our request for a comment.

Follow This has expanded its climate campaign against BP to include some European investors who represent less than 0.3% the company's shares.

Glass Lewis wrote in a note that "the decision raises further questions about transparency, investor communication, and responsiveness towards?shareholder concerns".

Manifold, a BP website spokesperson, stated that BP’s board had concluded that the Follow This proposal was invalid and would not be effective if passed at the AGM.

A BP spokesperson said that the British major is focused on simplifying its company after engaging with investors. The spokesperson stated that the recommendations were made to ensure transparent and standardised disclosures, which would allow for clear comparisons between companies.

Glass Lewis's decision echoes a similar recommendation made by another influential shareholder advisory group, ISS. ISS recommended a vote to BP's Board asking permission to retire company-specific climate'reporting' resolutions. BP claims that the resolutions 'have been superseded' by other, standardised?frameworks. It also said it had engaged extensively with its biggest investors about this move.

Glass Lewis recommended that shareholders vote against BP’s wish to scrap two climate reporting measures. (Reporting and editing by Bernadettebaum and Susan Fenton.)

(source: Reuters)