BP’s New Leadership Suffers Shareholder Revolt in AGM Vote

BP Plc faced a shareholder backlash at its annual general meeting as investors rejected two resolutions supported by management and Chairman Albert Manifold received a significant protest vote.

Investors voted against management’s proposals that would have allowed fully virtual annual meetings and revoked previously approved climate related disclosure obligations. Just under 82% of shareholders voted in favor of Manifold’s election — a clear rebuke as directors typically receive approvals close to 100%.