Activists urge BP investors to reject chairman's reappointment

Climate activist group Follow This is urging BP Plc investors to vote against the reappointment of Chairman Helge Lund at the upcoming annual general meeting on April 17. This call comes in response to BP's recent shift back to oil and gas. Follow This has a history of challenging BP to take stronger action on climate change. Last year, they backed a resolution that received support from about 17% of shareholders. In a letter to fellow investors, the group criticized BP's decision to change its clean energy strategy without consulting shareholders first. In February, BP announced a major change in its corporate strategy. The company will now focus less on reducing oil and gas operations and spending less on clean energy, reversing its earlier commitment to achieve net-zero emissions by 2050. Lund was a supporter of this previous strategy but has adjusted course due to pressure from recent poor performance. Many investors have responded to the new strategy with caution. Elliott Investment Management, known for being a tough activist investor, recently acquired about 5% of BP. They believe the new plan lacks the urgency needed to address climate issues effectively. Mark van Baal, co-founder of Follow This, stated that BP's leadership should consider all shareholders' opinions, not just those of short-term investors. Follow This has a small stake in BP, under 1%. All members of BP's board of directors are up for reelection, and Lund is seeking new candidates whose skills match the company's revised focus.